AUD/NZD Price Analysis: Keeps monthly resistance break on strong Aussie jobs report

• AUD/NZD prints three-day uptrend, stays firmer post Australia employment data.
• Clear break of a monthly hurdle, 20-DMA joins upbeat RSI to favor bulls.
• Sellers have a bumpy road to return even if reversing the breakout.

AUD/NZD picks up bids to 1.0530, up 0.25% intraday, after Australia’s employment data for July surprised markets during early Thursday.

In doing so, the cross-currency pair rises for the third consecutive day while keeping the upside break of 20-DMA and an ascending resistance line, now support, stretched from July 13.

As per the latest report, Australia's Employment Change jumped past 29100K prior and -46.2K forecast to +2.2K whereas Unemployment Rate dropped below 4.9% previous readouts and 5.0% market consensus to 4.6%.

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Given the upbeat Aussie data join the technical confirmation, AUD/NZD bulls are likely to keep the reins for now.

However, multiple hurdles marked since mid-July around 1.0550 restrict the pair’s immediate upside moves before the 50% Fibonacci retracement level of June–August downside, around 1.0620.

Alternatively, 20-DMA and the stated trend line, respectively around 1.0520 and 1.0500, can challenge the AUD/NZD pullback moves.

Also, 1.0460 has many stops to the downside before the monthly low of 1.0419 that could lure the pair bears afterward.

Overall, AUD/NZD is up for portraying a nice recovery but bulls await a strong push to the north.

AUD/NZD: Daily chart

Trend: Further upside expected