#AUDNZD @ 1.10617 has turned volatile as Australian payroll data has trimmed to 0.9k. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• AUD/NZD has turned volatile as Australian payroll data has trimmed to 0.9k.
• Australian jobless rate has remained in line with the estimates and the prior release of 3.5%.
• Consideration of a slowdown in the current pace of rate hike for the RBNZ is out of the picture.

The pair currently trades last at 1.10617.

The previous day high was 1.1103 while the previous day low was 1.1053. The daily 38.2% Fib levels comes at 1.1072, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1084, expected to provide resistance.

The AUD/NZD pair is gyrating in a 1.1054-1.1064 range as the Australian Bureau of Statistics has reported weak labor market data. The Employment Change has dropped sharply to 0.9% than the projections of 25k and the prior release of 33.5k. While the Unemployment Rate has been released in line with the estimates and the former figure of 3.5%.

Soft labor market data is not going to delight the Reserve Bank of Australia (RBA). The central bank won’t be able to hike the Official Cash Rate (OCR) unhesitatingly.

Apart from that, National Australia’s Bank (NAB) Business Confidence has accelerated to 9 against the expectations of 7 and the prior figure of 5.

This week, the release of the RBA’s minutes hogged the limelight. The minutes dictated that RBA Governor Philip Lowe went for a slowdown in the pace of rate hike to safeguard the economy from domestic and global demand shocks. Also, the central bank pushed OCR to 2.6% in a short period of time, therefore, it has some liberty to prioritize the economic prospects too.

On the NZ front, kiwi bulls remained underpinned after the release of higher-than-projected inflation data. The annual Consumer Price Index (CPI) landed extremely higher at 7.2% vs. the expectations of 6.6% but marginally lower than the prior release of 7.3%. While the quarterly inflation figure surpassed the projections of 1.6% and the former print of 1.7% to 2.2%.

Higher-than-anticipated kiwi inflation signaled that discussion over slowing the pace of rate hike for the Reserve Bank of New Zealand (RBNZ) is far from consideration.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.1064 at the time of writing. Pair opened at 1.1064 and is trading with a change of 0.0 % .

The pair is trading below its 20 Daily moving average @ 1.1292, below its 50 Daily moving average @ 1.1219 , below its 100 Daily moving average @ 1.1143 and above its 200 Daily moving average @ 1.0984

The previous day high was 1.1103 while the previous day low was 1.1053. The daily 38.2% Fib levels comes at 1.1072, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1084, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1044, 1.1023, 1.0994
• Pivot resistance is noted at 1.1094, 1.1123, 1.1144

[/s2If]
Join Our Telegram Group