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11 Apr 2013
Forex: AUD/NZD breaks sharply lower after Aussie jobs data miss
FXstreet.com (Barcelona) - The AUD/NZD continues to slide during Asia trade after employment data out of Australia missed estimates and sent the pair sharply lower by 55 pips to 1.2233. The pair has been trending lower the last 4 weeks and is down 2.45% since late March.
“The Australian jobs report just came in surprisingly lower-than-expected, losing 36,100 jobs in March vs -5,000 job losses expected. The Australia unemployment rate stood at 5.6% in March - highest since November 2009 - vs. 5.4% in February (expectations were for 5.4%). Part time job losses were 28.7k, and the participation rate stood at 65.1 vs. 65.3% prior and 65.2% expected,” noted Ivan Delgado of FXStreet.com
Looking at the daily chart, it’s important to take note of the 1.2140 support pivot which is now in play. This level formed a key swing low support on 2/15 (note the spinning top reversal candle). A break below this level opens to the door to further support at 1.2080 (weekly support from July 2010). Expect heavy resistance between 1.2270 (30min chart support break), followed by 1.2295 (30min bearish engulfing candle).
“The Australian jobs report just came in surprisingly lower-than-expected, losing 36,100 jobs in March vs -5,000 job losses expected. The Australia unemployment rate stood at 5.6% in March - highest since November 2009 - vs. 5.4% in February (expectations were for 5.4%). Part time job losses were 28.7k, and the participation rate stood at 65.1 vs. 65.3% prior and 65.2% expected,” noted Ivan Delgado of FXStreet.com
Looking at the daily chart, it’s important to take note of the 1.2140 support pivot which is now in play. This level formed a key swing low support on 2/15 (note the spinning top reversal candle). A break below this level opens to the door to further support at 1.2080 (weekly support from July 2010). Expect heavy resistance between 1.2270 (30min chart support break), followed by 1.2295 (30min bearish engulfing candle).