AUDUSD and AUDNZD: AUDUSD in retreat from this morning
- On Friday evening, AUDUSD rose to the 0.67968 level
- During this morning’s Asian trading session, the AUDNZD retreated to a new two-week low at the 1.08962 level
AUDUSD chart analysis
On Friday evening, AUDUSD rose to the 0.67968 level. During this morning’s Asian trading session, the pair initiated a pullback and is now at the 0.67680 level. We expect it to go down to 0.67600 and test the EMA 50 moving average. If the bearish momentum continues, we will see AUDUSD at a new daily low. Potential lower targets are the 0.67400 and 0.67200 levels.
The EMA 200 moving average at the 0.67000 level can provide additional support. For a bullish option, we need a positive AUDUSD consolidation and a return to the daily open price. There, we would test the previous high and probably climb to a new one. Potential higher targets are the 0.68200 and 0.68400 levels.
AUDNZD chart analysis
During this morning’s Asian trading session, the AUDNZD retreated to a new two-week low at the 1.08962 level. Here, we got new support and started the rise to the 1.09165 level. We are now close to testing the EMA 50 moving average and hope to move above it while gaining its support. After that, we will be in a better position for a new bullish consolidation and recovery. Potential higher targets are the 1.09400 and 1.09600 levels.
Watching how the AUDNZD behaves at 1.09550 when it meets the EMA 200 moving average will be interesting. For a bearish option, we need a negative consolidation and a move down to the daily open price. With the impulse below, we move to the negative side. This will increase the pressure on the pair to continue the pullback and form a new low. Potential lower targets are 1.08800 and 1.08600 levels.
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