AUDUSD and AUDNZD: AUDUSD has an opportunity to recover
- Yesterday, we watched the AUDUSD pull back from the weekly high to support at 0.67000
- During this morning’s Asian trading session, the AUDNZD dropped to a new weekly low at the 1.09094 level
AUDUSD chart analysis
Yesterday, we watched the AUDUSD pull back from the weekly high to support at 0.67000. During this morning’s Asian trading session, the pair managed to stabilize and initiate a bullish consolidation. The daily high was formed at the 0.67300 level, where we received support from the EMA 50 moving average. Everything indicates that there will be a rise to the bullish side and the formation of a daily high.
Potential higher targets are 0.67400 and 0.67600 levels. For a bearish option, we need a negative consolidation and a pullback of AUDUSD below the EMA 50 and 0.67200 levels. This is the first bearish step; the next is a pullback to the 0.67000 daily open price. This time, we could see momentum below and a drop to a new low. Potential lower targets are 0.66800 and 0.66600 levels. The pair could find new support in the EMA 200 moving average in the zone of 0.66800 levels.
AUDNZD chart analysis
During this morning’s Asian trading session, the AUDNZD dropped to a new weekly low at the 1.09094 level. We managed to stop there and initiate a bullish consolidation above the daily open price. We are currently at 1.09300 and expect further continuation to the bullish side. In the 1.09400 zone, the pair will meet the EMA 50 moving average before continuing with further recovery to the bullish side.
Potential higher targets are 1.09500 and 1.09600 levels. We expect greater resistance in the 1.09700 zone in the EMA 200 moving average. We need a bearish consolidation of AUDNZD back to the 1.09100 level for a bearish option. With that step, we test the weekly low and have the opportunity to form a new lower one. Potential lower targets are 1.09000 and 1.08900 levels.
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