• AUD/NZD hourly chart bears are lurking near a 78.6% Fibonacci as a potential last defence.
• The price action will likely occur around critical Aussie data today. 

Australian labour market data will be key today but the technicals for AUD/NZD are mixed heading into the data. From a daily perspective, there appears to be a bullish bias considering the wick highlighted below and a subsequent follow-through by the bulls into the day’s price action above horizontal support:

AUD/NZD daily chart

The 4-hour aligns with the daily chart as follows:

AUD/NZD H4 chart

However, the hourly chart shows the price coiled towards an area of imbalance. In mitigating this area, the price will be testing the 78.6% Fibonacci as a potential last defence that could see the price pull back and fall out of the rising support as illustrated below:

AUD/NZD H1 chart