Key Points
- The Aussie Dollar made a nice upside move and traded above 1.0800 against the New Zealand Dollar.
- There is a crucial ascending channel pattern forming with support at 1.0780 on the hourly chart of AUDNZD.
- Recently in Australia, the Employment Change for June 2017 was released by the Australian Bureau of Statistics.
- The outcome was below the forecast, as the change was 14K, less than the forecast of 15K.
AUDNZD Technical Analysis
The Aussie Dollar started an uptrend from the 1.0640 swing low against the New Zealand Dollar. The NZDUSD pair traded above the 1.0700 and 1.0800 handle to position well above the 21 hourly simple moving average.
The pair traded as high as 1.0845 before starting a correction. It moved below the 23.6% Fib retracement level of the last wave from the 1.0745 low to 1.0845 high.
The pair is currently following a crucial ascending channel pattern with support at 1.0780 on the hourly chart and placed well above the 21 hourly simple moving average. So, there are high chances of AUDNZD finding support near 1.0780 or 1.0800 on the downside for a bounce back.
Australia’s Employment Change
Recently in Australia, the Employment Change for June 2017 was released by the Australian Bureau of Statistics. The market was positioned for a change of 15K, compared with the last 42K.
The actual result was below the forecast, as the change was 14K, less than the forecast of 15K. Moreover, the last reading was revised down from 42K to 38K. The report added that:
Unemployment increased 13,100 to 728,100. The number of unemployed persons looking for full-time work increased 9,200 to 500,600 and the number of unemployed persons only looking for part-time work increased 3,900 to 227,500.
Overall, the AUDNZD pair may correct a few pips from the current levels, but remains supported on the downside near 1.0780.
