The AUD/NZD pairing is taking a step down for Wednesday, back into familiar consolidation territory as the Aussie (AUD) struggles to find meaningful m
The AUD managed to squeeze past the 1.0880 handle yesterday, but couldn’t keep a grip and has slumped back, now trading into the 1.0860 region. The day’s low is currently marked in near 1.0845.The Aussie could be seeing some hesitation from traders as Australian labor data rounds the corner, with Employment Change andThe Australian economy is forecast to have added 23K jobs to the landscape in August, an uptick from the previous month’s 14.6K decline.
Daily candlesticks are implying a mildly bullish bent, with lows slowly rising, but 1.0880 appears to represent the ceiling for the time being, and the rising trendline from 1.0725 is squeezing price action into the level. The 100- and 50-day Simple Moving Averages remain flat and consolidated, currently parked near 1.0820, and it will take significant moves in either direction to reintroduce momentum to the moving averages.
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