#AUDNZD @ 1.09640 AUDNZD grinds higher after bouncing off the previous resistance line., @nehcap view: Further recovery expected (Pivot Orderbook analysis)

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• AUDNZD grinds higher after bouncing off the previous resistance line.
• Bullish MACD signals, strong Australia employment data for October favor pair buyers.
• Sellers need validation from 1.0880 to aim for late April’s low.

The pair currently trades last at 1.09640.

The previous day high was 1.1003 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.0967, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0981, expected to provide resistance.

AUDNZD remains on the front foot around 1.0970-75 while cheering firmer prints of Australian employment statistics on early Thursday. In doing so, the cross-currency pair also defends the previous day’s rebound from the resistance-turned-support.

Australia’s Employment Change jumped by 32.2K versus 15K market forecasts and 0.9K prior whereas the Unemployment Rate dropped to 3.4% from 3.5% previous readings and 3.6% expected.

Given the bullish MACD signals and the pairs’ sustained break of a seven-week-old descending trend line, not to forget the latest economics from Australia, the AUDNZD pair is likely to remain firmer.

However, the 200-DMA level surrounding 1.1015 appears a tough nut to crack for the AUDNZD bulls.

Following that, a run-up towards the 61.8% Fibonacci retracement level of the pair’s April-September upside, near 1.1080, can’t be ruled out.

On the contrary, pullback moves need to provide a daily closing below the previous resistance line, around 1.0920 by the press time, to convince sellers.

Even so, a horizontal area comprising multiple levels marked since late April, around 1.0880, could challenge the AUDNZD bears before directing them to the April 25 low of 1.0824.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0976 at the time of writing. Pair opened at 1.096 and is trading with a change of 0.15% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0994, 50 SMA 1.1164, 100 SMA @ 1.113 and 200 SMA @ 1.1014.

The previous day high was 1.1003 while the previous day low was 1.0944. The daily 38.2% Fib levels comes at 1.0967, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0981, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0935, 1.091, 1.0876
• Pivot resistance is noted at 1.0994, 1.1028, 1.1054

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