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Currency Pair of the Week: AUD/NZD
Joe Perry April 12, 2021 2:19 PM
The RBNZ meeting and the Australian Employment are both this week! Share:
Australia will release their Employment data this week on Thursday. Expectations are for an additional 35,000 jobs to be added to the economy. In February, 88,700 jobs were added, of which just about all were full-time jobs! The unemployment rate is expected to drop from 5.8% to 5.7%. Last week, the RBA met and left interest rates unchanged at 0.1% and began a new A$100 billion bond purchase program. The committee noted that they would leave monetary policy accommodative until actual inflation is withing their 2%-3% target, which they don’t expect to be until 2024. Housing prices are rising, and fears are stirring of an overheated market. If jobs come in stronger than expected, wil
Feb 18, 2021 00:22 GMTFXStreet News
AUD/NZD eases from one-month high but the pullback fades off-late.
RSI fades upside momentum near overbought region, signaling pullback from key hurdles.
Confluence of 200-day SMA, 50% Fibonacci retracement restrict immediate downside.
Aussie employment data bears mixed forecasts, RBA pessimism.
AUD/NZD bulls catch a breather around 1.0780 during Thursday’s Asian trading session. In doing so, the quote eases from the highest since January 21, marked on Wednesday, while nearing the key resistances ahead of Australia’s January month employment data.
Read: AUD/USD: Corrective pullback to mid-0.7700s eyes Australian Employment data for fresh fuel
The mixed forecasts and RBA’s downbeat view on jobs may weigh on the AUD/NZD prices. However, strong RSI and the quote’s ability to stay beyond a convergence of 200-day SMA and 50% Fibonacci retracement level of August-December 2020 downside, around 1.0720, keep the buyers hopeful.