AUD/NZD - Bullish move stalled near 1.07 for the third consecutive session

The psychological level of 1.07 is proving to be a tough nut to crack. The AUD/NZD failed around 1.07 for the third straight session and was last seen trading around 1.0675 levels.

Australian employment data released earlier today showed a sharp drop in the full time employment figure, which is keeping the cross under pressure.

The pair bottomed out at 1.0326 (Jan 31 low) and rallied to a high of 1.0707 (Feb 15 high). The resulting overbought status of the Intraday indicators further makes it difficult for the bulls to take out 1.07 levels.

Strong US weekly jobless claims and housing data could lead to further losses in the pair, given the AUD is on the back foot following a dismal Aussie jobs data release.

AUD/NZD Technical Levels

A break above 1.0708 (161.8% Fib expansion) would expose 1.0741 (Oct 13 high), above which the cross could target 1.0756 (Oct 26 high). On the other hand, a breakdown of support at 1.0665 (5-DMA) could yield a sell-off to 1.0635 (Feb 14 low) and 1.06 (zero figure).