- The two-week bearish consolidation of the AUDUSD was halted yesterday at the level of 0.61538.
- The AUDNZD pair retreated yesterday to the 1.10370 level, forming a new two-week low there.
AUDUSD Chart Analysis
The two-week bearish consolidation of the AUDUSD was halted yesterday at the level of 0.61538. After receiving support at this level, the pair started a recovery and rose this morning to the level of 0.65650. In this area we meet the EMA 50 moving average and, so far, we have not managed to break it. We need a stronger impulse to take us to 0.65800 and thus form a new daily high.
Possible upper targets are 0.66000 and 0.66200 levels. For a bearish option, we need a negative consolidation and a decline in AUDUSD to 0.65200 level. We are very close to testing the previous low. A revisit to the lower zone could produce an impulse towards a new lower low. Possible lower targets are 0.65000 and 0.64800 levels.
AUDNZD Chart Analysis
Yesterday, the AUDNZD retreated to the level of 1.10370, forming a new two-week low there. After that, the pair stabilised very quickly and started a positive consolidation to the level of 1.11000. With that, we again returned above the EMA 200 moving average, which increased optimism for further advance to the bullish side. During the Asian trading session this morning, the AUDNZD continued its recovery, rising to the level of 1.11300.
In this zone, we test this week's high and wait for the formation of a new one. Possible upper targets are the levels of 1.11400 and 1.11500. We need a negative consolidation and a pullback to the EMA 200 and 1.11000 levels for a bearish option. With a further decline below it, the chances of the pair starting a new pullback increase, thus forming a new daily low. Possible lower targets are the levels of 1.10800 and 1.10600.
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