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Extends Gains, Struggles To Get Past 100-DMA

AUDNZD

AUD/NZD remains capped by its 100-DMA after a failure to take out that moving average last Friday. The rate has added 7 pips so far, extending its six-day bullish run, but topped out just shy of the 100-DMA. AUD/NZD trades at NZ$1.0737 as we type.

  • Australia's ANZ job ads rose 7.9% M/M in May after a revised 4.9% increase recorded in Apr. ANZ noted that the reading "is now consistent with an unemployment rate of around 5%".
  • Elsewhere, S&P affirmed Australia's sovereign credit rating at AAA and revised the outlook to stable from negative, citing "the government's policy response and strong economic rebound".
  • Liquidity in the Antipodeans is sapped by a market holiday in New Zealand.
  • A clearance of the 100-DMA at NZ$1.0759 would allow bulls to take aim at May 4 high of NZ$1.0822. Meanwhile, bears look for a pullback towards May 27 low of NZ$1.0601, a key near-term support.
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