#AUDNZD @ 1.08093 jumps to fresh one-month high on upbeat Australia employment numbers for March., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• AUD/NZD jumps to fresh one-month high on upbeat Australia employment numbers for March.
• Clear break of 100-DMA, one-month-old descending trend line favors AUD/NZD bulls to approach 50-DMA hurdle.
• Convergence of one-week-old ascending trend line, 61.8% Fibonacci retracement appears a tough nut to crack for bears.

The pair currently trades last at 1.08093.

The previous day high was 1.078 while the previous day low was 1.0737. The daily 38.2% Fib levels comes at 1.0764, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0754, expected to provide support.

AUD/NZD bulls approach the highest levels since early March during a four-day uptrend following a release of strong Australian job numbers early Thursday. That said, the cross-currency pair takes the bids to refresh the multi-day high near 1.0810 by the press time.

As per the March month jobs numbers from the Australia Bureau of Statistics (ABS), Employment Change jumps by 53K versus 20K expected and 64.6K prior while the Unemployment Rate remained unchanged versus the expectation of marking the 3.6% figure. Further, the Participation Rate also improved to 66.7% versus market forecasts of reprinting the 66.6% mark.

Following the strong Aussie data, the AUD/NZD pair crossed the previous key resistance confluence surrounding 1.0790, comprising the 100-DMA and a one-month-old descending trend line.

Adding strength to the upside bias are the bullish MACD signals and firmer RSI (14) line, not overbought.

With this, the AUD/NZD bulls are all set to prod the 50-DMA hurdle of 1.0824. However, the previous monthly high of around 1.0895 and the 1.0900 round figure may check the upside moves afterward.

Alternatively, pullback remains elusive until the AUD/NZD pair stays beyond 1.0790 resistance-turned-support.

Following that, an upward-sloping trend line from March 05 and 61.8% Fibonacci retracement level of the pair’s run-up from December 2022 to February 2023, around 1.0705, becomes crucial to watch as a break of which may give a free hand to the bears in their further ruling.

Trend: Further upside expected

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0804 at the time of writing. Pair opened at 1.0772 and is trading with a change of 0.30% % .

The pair is trading above its 20 Daily moving average @ 1.0718, below its 50 Daily moving average @ 1.0827 , above its 100 Daily moving average @ 1.0789 and below its 200 Daily moving average @ 1.0954

The previous day high was 1.078 while the previous day low was 1.0737. The daily 38.2% Fib levels comes at 1.0764, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0754, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0746, 1.072, 1.0704
• Pivot resistance is noted at 1.0789, 1.0806, 1.0831

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