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Market Analysis

Home » Technical Analysis » Daily » AUDNZD » AUDNZD – Aussie Dollar Approaching Important Resistance

AUDNZD – Aussie Dollar Approaching Important Resistance

Posted by FXTimes in AUDNZD - August 18th, 2016 9:16 am GMT

Aussie dollar AUDUSD

Key Points

  • The Aussie dollar after finding buyers around 1.0520 on many occasions traded higher versus the New Zealand dollar.
  • The AUDNZD pair is currently recovering, but heading towards a bearish trend line formed on the hourly chart.
  • Today, the Australian Employment Change released by the Australian Bureau of Statistics posted a change of 26.2K, more than expected in July 2016.
  • The Unemployment Rate decreased from 5.8% to 5.7%.

AUDNZD Technical Analysis

The Aussie dollar climbed higher after failing on multiple times around the 1.0520 versus the New Zealand dollar. The AUDNZD pair is currently moving higher, but it may face sellers near a bearish trend line formed on the hourly chart.

AUDNZD

The 61.8% Fib retracement level of the last drop from the 1.0640 high to 1.0519 low is also around the same trend line.

So, we can keep a close watch on the highlighted trend line and resistance area. There can be a reaction around it, since it won’t be easy for the bulls to break it.

Australian Employment Change

Today, the Australian Employment Change, which is a measure of the change in the number of employed people in Australia was released by the Australian Bureau of Statistics.

The market was expecting a change of 11K in July 2016, but the result was better as it came in at 26.2K. The report added that “Unemployment decreased 5,500 to 725,500. The number of unemployed persons looking for full-time work decreased 13,300 to 482,400 and the number of unemployed persons only looking for part-time work increased 7,800 to 243,100.” Moreover, the Unemployment Rate decreased from 5.8% to 5.7%.

Overall, the result was above the forecast, which helped the Aussie dollar to gain traction in the short term.

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