AUD/NZD spikes from 100-DMA support on Aussie labor data dump

AUD/NZD jumped from 1.0696 (100-DMA) to a session high of 1.0754 after the Australian job growth figure topped forecasts in April.

Trades above 1-hour 200-MA

The cross was last seen trading above the 1-hour 200-MA level of 1.0728 levels. Despite the upbeat Aussie data, the pair failed to take out the 1-hour 50-MA hurdle of 1.0754. This may be due to the muted reaction in the Aussie 10-year bond yield, which managed to add only one basis point after the data release.

A strong Aussie data means, ahead in the day, the AUD could continue to outperform the NZD amid broad based USD weakness.

AUD/NZD Technical Levels

A break above 1.0758 (5-DMA) would open up upside towards 1.08 (zero figure) and 1.0823 (50-DMA). On the lower side, breach of support at 1.0696 (100-DMA) could yield a pullback to 1.0642 (Apr 20 low) and 1.06 (zero levels).