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- AUD/NZD Price Analysis: Stays inside rising wedge on dismal Australia employment figures
AUD/NZD Price Analysis: Stays inside rising wedge on dismal Australia employment figures
- AUD/NZD portrays bearish chart formation to keep sellers hopeful, MACD signals are in line too.
- 200-HMA adds to the upside filters, bears aim for yearly low.
AUD/NZD consolidates the previous day’s losses around 1.0375, down 0.05% intraday following the downbeat Aussie jobs report publication during early Thursday.
Read: Breaking: Australian jobs report is not looking good for AUD bulls
The cross-currency pair remains inside a bearish chart pattern called rising wedge on the hourly (H1) play amid the bearish MACD signals.
The same favor sellers to aim for the yearly bottom of 1.0278 on the break of the wedge’s support of 1.0350. However, any further weakness will be challenged by the August 2019 low near 1.0260.
Meanwhile, the corrective pullback may aim for the wedge’s resistance line around 1.0400, a break of which will be challenged by the 200-HMA level of 1.0410 and Friday’s top of 1.0435.
Even if the quote rises past 1.0435, the monthly peak around 1.0490 and the 1.0500 threshold will challenge the bulls.
AUD/NZD: Hourly chart
Trend: Further weakness expected
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