- The AUDUSD pair took advantage of the dollar's decline yesterday and rose to the level of 0.67986.
- During the Asian session this morning, the AUDNZD pair rose to the level of 1.11182.
AUDUSD Chart Analysis
The AUDUSD pair took advantage of the dollar's decline yesterday and rose to the level of 0.67986. After that, the pair stopped there and started a pullback to the level of 0.67550. Here, we received support from the EMA 50 moving average, which stopped further pullback. During the Asian trading session this morning, we see the beginning of a bullish consolidation to the level of 0.67800. A new high was formed compared to this morning's, which could trigger a further recovery on the bullish side.
Possible upper targets are 0.67900 and 0.68000 levels. For a bearish option, we need a negative consolidation and a pullback below the EMA 50 and the 0.67550 level. This would increase the pressure on the AUDUSD pair to start a fresh pullback and seek new support at lower levels. Possible lower targets are 0.67400 and 0.67300 levels.
AUDNZD Chart Analysis
During the Asian session this morning, the AUDNZD rose to the level of 1.11182. On Wednesday, the Reserve Bank of New Zealand announced that it would leave the interest rate unchanged at 5.50%. This information caused the value of the New Zealand currency to fall and the AUDNZD jumped from 1.09900 to 1.10900. We are now testing that high and looking for support at the EMA 50 moving average.
Despite the bearish consolidation since this morning, there is hope for a recovery. A push below the 1.10800 level could easily happen, but possible lower targets are the 1.10700 and 1.10600 levels. A positive consolidation and a move above the 1.11000 level could signal a bullish call and the beginning of recovery. We expect to see AUDNZD at higher levels after that, with possible upper targets at the 1.11100 and 1.11200 levels.
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