AUDUSD and AUDNZD: AUDUSD is gaining support at EMA 200
- On Friday evening, AUDUSD retreated to a new weekly low of 0.67516
- Since the start of this morning’s Asian session, the AUDNZD has been in a bullish trend
AUDUSD chart analysis
On Friday evening, AUDUSD retreated to a new weekly low of 0.67516. After that, we saw a quick pullback above the 200 EMA and the 0.67600 level. During this morning’s Asian trading session, the pair managed again to test the support of the EMA 200 moving average. A bullish consolidation was initiated from that zone, and a new daily high was formed at the 0.67850 level. Here, we hope for new EMA 50 moving average support to continue on the bullish side.
Potential higher targets are the 0.67900 and 0.68000 levels. For a bearish option, we need a negative consolidation and a new drop down to the EMA 200 and 0.67600. That would be our third return to that level, but this time, a break below to a new daily low could happen. Potential lower targets are the 0.67500 and 0.67400 levels.
AUDNZD chart analysis
Since the start of this morning’s Asian session, the AUDNZD has been in a bullish trend. We started the day with 1.08250, and now we are at 1.08890. We are close to testing the EMA 200 moving average before continuing further up. If we skip the EMA 200 pair, we could start with a continuation on the bullish side. Potential higher targets are 1.09000 and 1.09100 levels.
For a bearish option, we need a new negative AUDNZD consolidation. By going down to 1.08700, we would establish the beginning of the pullback and thus strengthen the bearish momentum. After that, we need to pay attention to 1.08500 and the EMA 50 moving average. The momentum below will increase the pressure on AUDNZD to start a further pullback to the daily open price. Potential lower targets are the 1.08400 and 1.08300 levels.
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