Wednesday, November 4, 2015

AUD/NZD: taking on the 200 DMA post NZ jobs

FXStreet (Guatemala) - AUD/NZD has taken a free ride on the back of poor NZ jobs data after the RBA left rates on hold yesterday and Fonterra dairy prices dropping.

AUD/NZD has rallied from 1.0714 and reached a high of 1.0796 after the NZ jobs data leans towards supporting the view that the RBNZ will cut interest rates at its December meeting. The data offered the employment change at -0.4% vs 0.4% expected and 50.9 previous. The Participation rate 68.6% vs an expected 69.3%, while prior was 69.3% and wages growth were also a negative factor.

AUD/NZD levels

Technically, the cross is on track for targeting 1.1000 on fundamentals due the interest rate differential outlooks between the two central banks. The 200 SMA on the hourly chart was blown out of the water at 1.0625 yesterday and territory between there and here has been a breeze for the bulls that now have eyes set on 1.0800 late October recovery high. We are now through the 200 and 20 DMA supporting a continuation of the bullish recovery.
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