- This week, we expect a pullback in the AUDUSD pair from 0.67842.
- Yesterday, AUDNZD retreated to the 1.10600 level, forming a weekly low.
AUDUSD Chart Analysis
This week, we are seeing a pullback in the AUDUSD from 0.67842. During the Asian trading session this morning, the pair lost support at the 0.67000 level and saw a break below it. A new weekly low was formed at the 0.66900 level. There is a strong possibility that we will continue to the end of the day with a pullback to a new low. Yesterday, the pair found strong resistance at the 0.67400 level, and we had additional pressure at the EMA 200 and EMA 50 moving averages.
Possible lower targets are 0.66800 and 0.66600 levels. We need a positive consolidation and a return above the 0.67000 level for a bullish option. Then, we need to hold and stabilize there. After that, AUDUSD will be well positioned to start a bullish consolidation. Possible upper targets are 0.67200 and 0.67400 levels. The first additional resistance is the 50 EMA in the area of 0.67200 levels.
AUDNZD Chart Analysis
Yesterday, the AUDNZD retreated to the level of 1.10600, forming a weekly low. After the new support, we started a positive consolidation from that level to the level of 1.11000. During the Asian trading session this morning, the pair continued a bullish consolidation and rose to levels of 1.11248. We have the support of the EMA 50 moving average at 1.11000 and we believe that the pair could continue on the bullish side.
Possible upper targets are the levels of 1.11400 and 1.11600. For a bearish option, we need a negative consolidation and a move down to the level of 1.10800. There, we will test the EMA 200 moving average and the weekly opening price. With the momentum below, we go to a new daily low and thus confirm the bearish scenario. Possible lower targets are the levels of 1.10600 and 1.10400.
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