#AUDNZD @ 1.07515 Australian Employment data boosts , eye on 1.07800 mark. (Pivot Orderbook analysis)

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• Australian Employment data boosts AUD/NZD, eye on 1.07800 mark.
• Disappointing NZ GDP data weigh on the NZD, fueling AUD/NZD gains.
• Aussie jobs number boost 25 bps RBA hike for the next meeting.

The pair currently trades last at 1.07515.

The previous day high was 1.0758 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0707, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0727, expected to provide support.

AUD/NZD is up around 0.50% following the release of February’s Australian Employment Change data. The jobs number exceeded expectations, with Employment Change at 64.6K vs. 48.5K expected, from a prior -11.5K. The Unemployment rate also ticked down to 3.5% from the previous 3.7%. Full-time employment saw a significant surge to 74.9K from the previous -43.3K.

The positive jobs numbers, coming after two downbeat readings in December and January, will likely encourage the Reserve Bank of Australia (RBA) to implement an additional 25 basis points (bps) rate hike in their next meeting, despite signaling a pause thereafter.

In contrast, the New Zealand Gross Domestic Product (GDP) data for the fourth quarter of 2022came in worse than expected, with the quarterly reading at -0.6% vs. -0.2% from the previous 2% and the yearly reading at 2.2% vs. 3.3%, from the prior 6.4%.

The economic contraction was driven by flat consumption, a decline in real national gross disposable income, and muted investment in the industrial sectors. It’s important to note that this figure, representing Q4 2022, does not include the economic impact of cyclone Gabrielle.

This growth data may prompt the Reserve Bank of New Zealand (RBNZ) to reconsider its hawkish stance during the next RBNZ meeting scheduled on April 5th. Despite many market forecasters anticipating a 25 bps rate hike from the RBNZ in April, the upside bias for AUD/NZD remains intact as economic data continues to diverge for both economies.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0746 at the time of writing. Pair opened at 1.0697 and is trading with a change of 0.46 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0865, 50 SMA 1.089, 100 SMA @ 1.0831 and 200 SMA @ 1.0986.

The previous day high was 1.0758 while the previous day low was 1.0675. The daily 38.2% Fib levels comes at 1.0707, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0727, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0662, 1.0627, 1.0578
• Pivot resistance is noted at 1.0745, 1.0794, 1.0829

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