AUDNZD Outlook 13 April 2023
Today, the Australian employment data surprised markets with stronger than expected release, with the unemployment rate staying at 3.5% while employment change was higher than expected).
This led to brief strength in the AUDUSD, which saw the AUDNZD climb higher to test the 1.0810 resistance level.
However, in the short term, as the price currently retraces from the resistance level, look for a test of the 23.60% Fibonacci retracement level at the 1.0759 price level.
A break of the interim support level could see the AUDNZD trade lower to test the upward trendline along the 1.0726 price level.
However, in the longer term, following with the upward trend, if the bounces from the 1.0759 level, look for the AUDNZD to break above the resistance level, with the next resistance level at 1.0886
This led to brief strength in the AUDUSD, which saw the AUDNZD climb higher to test the 1.0810 resistance level.
However, in the short term, as the price currently retraces from the resistance level, look for a test of the 23.60% Fibonacci retracement level at the 1.0759 price level.
A break of the interim support level could see the AUDNZD trade lower to test the upward trendline along the 1.0726 price level.
However, in the longer term, following with the upward trend, if the bounces from the 1.0759 level, look for the AUDNZD to break above the resistance level, with the next resistance level at 1.0886
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