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15 Jan 2015
AUD/NZD: testing 1.0630 resistance on Aus jobs
FXStreet (Bali) - AUD/NZD is building up on recent gains, surging above 1.0570 resistance area, printing its highest for the day at 1.0630, following a strong Aus jobs report.
Australia employment change s.a. came in at 37.4K, above forecasts (3.8K) in December, with the unemployment rate s.a. at 61% vs forecasts (6.3%). Fulltime employment rose from previous 1.8K to 41.6K, while part-time employment declined to -4.2K from previous 40.8K. Participation rate came in at 64.8%, above forecasts (64.7%).
Technically, the break above 1.0570 is an important bullish development for the pair, and may represent a mid term shift of sentiment towards the AUD, with plenty of upside potential should the market start to readjust RBA rates outlook to a more neutral stance from the current broad-based dovish expectations for 2015. On the upside, the next key resistance will be faced at 1.0630/40.
Australia employment change s.a. came in at 37.4K, above forecasts (3.8K) in December, with the unemployment rate s.a. at 61% vs forecasts (6.3%). Fulltime employment rose from previous 1.8K to 41.6K, while part-time employment declined to -4.2K from previous 40.8K. Participation rate came in at 64.8%, above forecasts (64.7%).
Technically, the break above 1.0570 is an important bullish development for the pair, and may represent a mid term shift of sentiment towards the AUD, with plenty of upside potential should the market start to readjust RBA rates outlook to a more neutral stance from the current broad-based dovish expectations for 2015. On the upside, the next key resistance will be faced at 1.0630/40.