Key Points
- The Aussie dollar after trading as low 1.0447 against the Kiwi dollar found support, and moved higher.
- There was a major triangle pattern break noted on the hourly chart at 1.0500, opening the doors for more gains in AUDNZD.
- Today, the Australian ANZ job advertisements was released by the Australia and New Zealand Banking Group Limited (ANZ).
- The outcome was positive, as there was a rise of 1% in Oct 2016, better than the last decline of 0.3%.
AUDNZD Technical Analysis
The Aussie dollar after trading below the 1.0450 level against the New Zealand dollar gained bids, and started moving higher. There was a triangle pattern formed on the hourly chart of AUDNZD, which was broke at 1.0500 to clear the way for a move towards 1.0540.
The pair also moved above the 21 hourly simple moving average, which is positive sign and may take the pair higher.
Lastly, the pair also moved above the 23.6% Fib retracement level of the last drop from the 1.0704 high to 1.0447 low to ignite a rally.
ANZ Job Advertisements
Today in Australia, 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 market was expecting a minor decline in Oct 2016. However, the result was positive, as there was a rise of 1%, better than the last decline of 0.3%. The report stated that “Annual growth in job ads rose to 5.2% from 3.8% in the previous month. In trend terms, job ads rose 0.4% m/m in October, a touch lower than the 0.5% m/m rise in September”.
Overall, the Aussie dollar remains in an uptrend, and the chances of it gaining strength are a lot more going forward.
