- During the Asian session this morning, we saw the start of a fresh bearish consolidation for the AUDUSD, which led to a new yearly low at the 0.63484 level.
- During the Asian session this morning, the AUDNZD pair was under pressure to continue last week's downtrend.
AUDUSD Chart Analysis
During the Asian session this morning, we have seen the start of a new bearish consolidation of the AUDUSD, which has led the pair to a new yearly low at the level of 0.63484. The pair has managed to gain new support there and start a recovery to the level of 0.64500. In the European session, we are trying to hold in that area to find support to start a bullish consolidation. If we succeed, we can expect further growth on the bullish side.
Possible upper targets are the levels of 0.65000 and 0.65500. The level of 0.65500 is very important because there we encounter the EMA 200 moving average, which could be a resistance to further recovery. For a bearish option, AUDUSD would have to start a bearish consolidation below the level of 0.64000. With such a step, the pair is forced to test this morning's low again. Possible lower targets are the levels of 0.63500 and 0.63000.
AUDNZD Chart Analysis
During the Asian session this morning, the AUDNZD came under pressure to continue last week’s downtrend. We saw that, as well as the formation of a new lower low at the 1.08486 level. The pair is under strong pressure to continue to pull back and form a new low. Possible lower targets are the 1.08400 and 1.08200 levels. This brings us back to the AUDNZD move from June.
For a bullish option, we need another positive consolidation and a return to the level of 1.09000. With such a move, we would move significantly away from the current low. We then need to hold here to try to break above the daily opening price of 1.09300 again. If we succeed in this, the chances of a further recovery to the bullish side increase. Possible higher targets are the levels of 1.09400 and 1.09600.
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