FxWirePro: AUD/NZD extends previous session's gains after poor NZ employment data, eyes 200-DMA

Chart - Courtesy Trading View 

AUD/NZD was trading 0.35% higher on the day at 1.0981 at around 12:55 GMT, bias bullish.

The pair is extending gains for the second straight session, is on track to test 200-DMA at 1.0999.

Data released earlier on Wednesday showed New Zealand's jobless rate edged up to 3.4% last quarter, above expectations and prior reading at 3.3%. 

The Reserve Bank of New Zealand had forecast the unemployment rate at 3.2%. Data showed signs of loosening in the labour market.

The pair has trimmed some gains, Reserve Bank of New Zealand is expected to continue its hawkish stance despite weak Employment data.

Technical bias for the pair remains bullish. MACD and ADX support upside in the pair. Price action is above cloud and Chikou span is biased higher.

GMMA indicator shows minor trend is bullish, while major trend is turning bullish. Momentum is bullish and volatility is high and rising. 

Support levels - 1.0946 (5-DMA), 1.0886 (110-EMA)

Resistance levels - 1.0999 (200-DMA), 1.1044 (Nov 2022 high)

Summary: AUD/NZD hits fresh 3-month high at 1.0993, outlook is bullish. 200-DMA is immediate resistance at 1.0999, watch for break above for further gains.