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Poor Australian Jobs Data - AUD/NZD Falls Below Trendline

We saw the RBNZ raise its official cash rate from 3.00% to 3.25%. This gave NZD a boost, and the AUD/NZD fell from 1.10 to 1.09. 


(audnzd 4h chart, 6/12)

Then a set of poor Australian jobs data pulled AUD/NZD even further lower, breaking below a rising trendline, and exposing the 1.0750 and then 1.0650 support pivots.

In May, the economy in Australia cut 4.8K jobs. Market watchers actually expected an average of 10K increase. April's reading was revised down from 14.2K to 10.3K. 

The unemployment rate managed to remain at 5.8%. Some expected a rise to 5.9%. 

The hawkish RBNZ and the poor Australian jobs data dragged the AUD/NZD as you see. However, the breakout is still fresh, and we should probably wait to see a bullish, pullback attempt. Ability to hold price below 1.0950 and the 4H RSI below 60, would add confirmation to the bearish outlook.