AUD/NZD surrenders gains after Aussie data

AUD/NZD surrendered gains after the data in Australia showed the economy shed jobs in August.

Offered at 1.0294

The currency pair retreated from the high of 1.0294 and currently trades largely unchanged on the day around 1.0250 levels.  Australia shed 3.9K jobs in August, missing the estimated gain of 15K. Jobless rate dropped as well, but was accompanied by a greater drop in the participation rate.

Consequently, AUD gave up its gains. The rise seen earlier today was largely due to weak NZ GDP figures

AUD/NZD Technical Levels

Acceptance above 1.03 (zero figure) could yield a re-test of hourly 200-MA of 1.0322. Next major support is seen at 1.0380 (Sep 8 high). On the downside, hourly 50-MA level of 1.0237 (yesterday’s low) could offer support, which if breached would shift risk in favor of a slide towards 1.02300 (zero figure), under which a major support is seen directly at 1.020.