- The five-week-old support area can keep limiting the pair’s downside.
- Australia’s headline jobs data will be the key.
AUD/NZD is taking the rounds near 1.0550 during early Asian sessions on Thursday. The pair is near to 1.0540/30 horizontal support that is restricting its downside since early-April.
Should Australia’s April month employment data flash disappointing numbers and drag the quote under 1.0530 support, 1.0490 and 61.8% Fibonacci retracement of March to April upside at 1.0450 could be of importance to sellers.
In a case where bears refrain from respecting 1.0450 rest-point, 1.0400 and 1.0340 can come back on the chart.
Alternatively, 1.0570 and 1.0610 may entertain short-term buyers ahead of making them confront the 1.0640 and 1.0670 numbers to the north.
Given the price rally beyond 1.0670, 1.0710, 1.0730 and 61.8% Fibonacci expansion of the said moves, at 1.0800, might appear on the spotlight.
AUD/NZD 4-Hour chart
Trend: Pullback expected
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