AUD/NZD strengthens on mixed Aussie jobs data

The bid tone around AUD strengthened following the release of the mixed jobs data, pushing the AUD/NZD cross to a session high of 1.0477.

Supported by 10-DMA

Aussie was on the back foot earlier today as markets were expecting a rise in the jobless rate. Consequently, the cross dropped to 10-DMA level of 1.0430 before jumping to a high of 1.0477 following the data release.

The actual numbers confirmed market expectation of a rise in the jobless rate to 5.8%. Meanwhile, employment change at 7.9K was slightly less than the estimated number of 10K, while the participation rate ticked higher to 64.9% from 64.8%. The mixed batch of data ensured the sell the rumor, buy the fact trade ran out of steam at 1.0477 levels. The cross now trades around 1.0465 levels.

AUD/NZD Technical Levels

A break above post Aussie data high of 1.0465 would expose 1.05 (zero figure), above which a major hurdle is seen at 1.0575 (50-DMA). On the other hand, a breakdown of support at 1.0430 (10-DMA) could yield 1.0409 (June 9 high). Further losses could take the pair lower to 1.0363 (July 4 low).