#AUDNZD @ 1.09707 sinks on the back of a poor Aussie jobs data outcome. (Pivot Orderbook analysis)

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• AUD/NZD sinks on the back of a poor Aussie jobs data outcome.
• RBNZ next week expected to hike rates by 50 basis points, RBA is put back in question.

The pair currently trades last at 1.09707.

The previous day high was 1.1035 while the previous day low was 1.097. The daily 38.2% Fib levels comes at 1.0995, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.101, expected to provide resistance.

AUD/NZD is under pressure following the Australian Employment Change and jobs data released by the Australian Bureau of Statistics arrived as a major disappointment, weighing on the Aussie across the board. At the time of writing, the cross is trading offered near 1.0970, but a touch off the lows scored on the knee-jerk to the data. The pair had fallen to a low of 1.0965 from 1.1018.

Jobs are down and the Unemployment Rate is up for January and it comes in stark contrast to the Reserve Bank of Australia Governor Lowe and Deputy Governor Bullock’s appearances in front of the Senate Economics Legislation Committee yesterday. The pair had been laying out the reasons the Board expects further cash rate hikes will be needed:

“We want to get inflation down because it’s dangerous… It’s corrosive. It hurts people. It damages income inequality and if it stays high it leads to higher interest rates and more unemployment.”

Meanwhile, analysts at Westpac Bank argued that the Reserve Bank of New Zealand will again use next Wednesday’s Monetary Policy Statement to emphasise the scale of its battle against inflation. ”We’re expecting a 50 basis point increase in the Official Cash Rate to 4.75%, and market opinion has also swung in that direction over recent weeks.”

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0974 at the time of writing. Pair opened at 1.0989 and is trading with a change of -0.14 % .

The pair is trading above its 20 Daily moving average @ 1.0931, above its 50 Daily moving average @ 1.0804 , above its 100 Daily moving average @ 1.0901 and below its 200 Daily moving average @ 1.1004

The previous day high was 1.1035 while the previous day low was 1.097. The daily 38.2% Fib levels comes at 1.0995, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.101, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0961, 1.0932, 1.0895
• Pivot resistance is noted at 1.1026, 1.1064, 1.1092

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