FxWirePro: AUD/NZD upside at risk at 200-DMA, 'Spinning Top' formation weighs

AUD/NZD chart - Trading View 

AUD/NZD was trading largely unchanged at the time of writing, with session highs at 1.0670 and lows at 1.0625.

The pair has formed a spinning top at 200-DMA resistance suggesting indecision of bulls to push prices higher.

Australia's jobless rate fell to 6.8% in November versus expectations for 7%, pushing the Aussie dollar higher against its US counterpart. 

Further details of the report showed the country gained 90K jobs in November versus 50K expected and 178.8K previous. Fulltime Employment rose 84.2K versus 97K previous, and the Participation Rate ticked higher to 66.1% from 65.8%. 

On the other side, Kiwi also buoyed after New Zealand's Finance Minister squashes fears of intervention to stem the Kiwi's rise.

Robertson's comments indicate that authorities aren't worried about the disinflationary impact of the exchange rate strength and are unlikely to weaken the currency any time soon.

Further, on the data front, New Zealand’s Q3 GDP marked a V-shaped recovery with a 14% QoQ jump.

Technical studies for the pair suggest some consolidation. Overbought oscillators could cause some pullbacks. 

Break below 5-DMA will see weakness till 21-EMA. Decisive break above 200-DMA and daily cloud will propel the pair higher. Next major bull target lies at 61.8% Fib at 1.0804.