#AUDNZD @ 1.12274 is scaling higher to recapture the critical resistance of 1.1250. (Pivot Orderbook analysis)

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• AUD/NZD is scaling higher to recapture the critical resistance of 1.1250.
• The Australian economy is expected to display the addition of payrolls in the labor market by 35k.
• Considering the consensus, the NZ economy will expand by 0.2% on an annual basis.

The pair currently trades last at 1.12274.

The previous day high was 1.1258 while the previous day low was 1.1196. The daily 38.2% Fib levels comes at 1.122, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1234, expected to provide resistance.

The AUD/NZD pair is advancing towards the critical hurdle of 1.1250 after a rebound to near 1.1214 in the early Tokyo session. On a broader note, the asset is marching higher from the past week after hitting a low of 1.1120. The market participants are capitalizing on every correction as buying opportunity on expectations of upbeat Australian employment data.

As per the consensus, the Australian Bureau of Statistics will report an addition in job additions data by 35k against a lay-off of 40.9k payrolls. Also, the Unemployment Rate is seen steady at 3.4%. An occurrence of the same will delight the Reserve Bank of Australia (RBA) to escalate the Official Cash Rate (OCR) further unhesitatingly. Adding to that, the release of the Consumer Inflation Expectation data by the University of Melbourne also holds significant importance.

The Consumer Inflation Expectation is expected to shift extremely higher at 6.7% against the prior release of 5.9%. This will compel the RBA Governor Philip Lowe to announce a fifth consecutive 50 basis points (bps) rate hike in its October monetary policy meeting.

On the NZ front, investors are awaiting the release of the Gross Domestic Product (GDP) data, which is due on Thursday. A mixed performance is expected as the consensus is showing an expansion in the kiwi economy by 0.2% against the 1.2% reported earlier. While the quarterly data will result in an expansion of 0.8% vs. a contraction of 0.2%.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.1232 at the time of writing. Pair opened at 1.1221 and is trading with a change of 0.1 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1164, 50 SMA 1.1109, 100 SMA @ 1.107 and 200 SMA @ 1.0893.

The previous day high was 1.1258 while the previous day low was 1.1196. The daily 38.2% Fib levels comes at 1.122, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1234, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1192, 1.1163, 1.113
• Pivot resistance is noted at 1.1254, 1.1287, 1.1316

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