AUD/NZD – Bulls are back in business

AUD/NZD bulls are making their presence felt after the release of a stellar Aussie jobs report and China house price data.

Above 50-MA & pressing into Fibo resistance

The cross sits comfortably above 1.0539 (50-DMA) levels and is attempting a break above 1.0553 (23.6% of 1.1333-1.0312). Bid tone around Aussie gathered pace after the monthly jobs report showed a drop in a surprise drop in the unemployment rate and sharp rise in employment number.

China data for July which showed 7.9% jump in house prices in annualized terms further added to the bullish tone around AUD.

AUD/NZD Technical Levels

Acceptance above 1.0553 (23.6% of 1.1333-1.0312) would open doors for 1.0580 (5-DMA), above which the cross could target 1.0632 (10-DMA). On the lower side, a cut below 50-DMA (now support) of 1.0539 could yield a re-test of 1.0509 (yesterday’s low). A violation there would expose 1.0436 (Aug 2 low).