AUD/NZD: Cascade of stop loss orders below 1.07?

AUD/NZD has seen an aggressive move below 1.07 handle, with some market sources speculating that stops below 1.07 are to blame, causing a cascade of sell stop orders towards a session low of 1.0682.

Australia jobs await

The market now awaits the publication of the Australian employment report as the next main mover for the Aussie. As a reminder, the Australian Dollar remains on sell-mode, judging by recent price action, with Wednesday's downbeat wage price index in Australia exacerbating the perception that the RBA may not be done with its newly initiated rate cuts campaign.

AUD/NZD key macro levels

The next key level to the downside can be found at 1.0550/75, a major macro level which acted as a base throughout a 3 month period from last Dec through February, before the pair took off to levels as high as 1.13. On the upside, 1.08 is the imminent macro level to take into consideration, highest from Wednesday. Should the Australian jobs data surprise in either direction, the aforementioned macro levels may come into play.