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Market Analysis

Home » Technical Analysis » Daily » AUD » AUDNZD – Aussie Dollar Having Upper Hand Vs NZD

AUDNZD – Aussie Dollar Having Upper Hand Vs NZD

Posted by FXTimes in AUD - August 8th, 2016 9:49 am GMT

Aussie dollar AUDUSD

Key Points

  • The Aussie dollar climbed higher against the New Zealand dollar and looks set for further gains.
  • There is a bullish trend line formed on the hourly chart of the AUDNZD pair, which is helping the Aussie dollar bulls at the moment.
  • Earlier today, the ANZ job advertisements was released by the Australia and New Zealand Banking Group Limited (ANZ).
  • The outcome was not as expected, as there was a decline of 0.8% in orders in July 2016, compared with the last rise of 0.4% (revised).

Technical Analysis

The Aussie dollar managed to pop higher versus the New Zealand dollar, and traded as high as 1.0719. If the pair correct, then there is a bullish trend line formed on the hourly chart of the AUDNZD pair waiting to act as a support area.

AUDNZD

Moreover, the 21 hourly simple moving average is also above the trend line support to act as a barrier for the Aussie dollar sellers.

On the upside, a break above 1.0720 is needed for a move towards 1.0750.

ANZ Job Advertisements

Earlier today during the Asian session, the ANZ job advertisements, which presents the number of job advertisements in the major metropolitan newspapers and on the internet sites was released by the Australia and New Zealand Banking Group Limited (ANZ).

The result was disappointing, as there was a decline of 0.8% in orders in July 2016, compared with the last rise of 0.4% (revised). The report added that “Job advertisements fell by 0.8% in July. This was the first decline since April and may reflect heightened uncertainty temporarily delaying the hiring plans of some employers. Annual growth in job ads has slowed to 6.9% from 8.0% in the previous month. The fall in July was driven by both internet and newspaper job ads”.

The Aussie dollar was impacted much, but there is a chance of a minor dip which can be seen as buying opportunity.

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