- AUD picking up against the Kiwi, but Aussie jobs threaten the trend.
- Kiwi has taken a backseat against the AUD lately.
The AUD/NZD continues to push higher ahead of the Aussie Jobs Report, reaching 1.0650 in early Thursday action.
When are Aussie jobs and how could they affect AUD?
As noted earlier by FXStreet's Ross Burland, "Australia's monthly jobs report is back on the cards for Asian markets today and employment is expected to rise for an 18th consecutive month, extending the record. The report will be released at 01:30 GMT and markets are looking for 21k, (Bloomberg forecasts ranging from +10k to +30k)."
AUD/NZD in focus ahead of key data from Antipodean nations
AUD/NZD Levels to watch
As Fawad Razaqzada wrote earlier, "naturally, the focus in early Asian session will be on the AUD/NZD pair. This cross has actually shown some bullish characteristics in recent days, despite being stuck in a strong downtrend since October. Last week, for example, it managed to hold its own above the long-term bullish trend line, around the 1.0500 handle. And today, it has broken above resistance at 1.0600, taking out a short term bearish trend line in the process. The short-term path of least resistance is now to the upside. But a lot will now depend on the fundamentals and Thursday’s key data releases from both New Zealand and Australia. If after the data releases the AUD/NZD still finds itself above the short-term support level at 1.0600 then this would mean that the bullish remained intact. If it goes and holds below this level a return to long-term support at 1.0500 should not be ruled out. Meanwhile the next levels of resistance come in at 1.0650 followed by 1.0710."
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