AUDUSD and AUDNZD: AUDNZD continues above 1.07850 level
AUDUSD has been in a bullish consolidation since Friday and is falling to the 0.65520 level.
On Friday afternoon, the AUDNZD rose to the 1.07882 level.
AUDUSD chart analysis
AUDUSD has been in a bullish consolidation since Friday and is falling to the 0.65520 level. During the Asian trading session, we saw the initiation of a bullish consolidation from the 0.65600 level. We are now at 0.65700 and expect to go into further growth and recovery. Potential higher targets are the 0.65800 and 0.65900 levels. In the zone around 0.65800, we encounter the EMA200 moving average and hope for its support to continue to the bullish side.
We need a negative consensus and a pullback to the 0.65600 support level for a bearish option. A new test of that level could trigger a break below and a drop to a new daily low. This confirms the bearish momentum, and we can expect a further retreat to lower levels. Potential lower targets are the 0.65500 and 0.65300 levels.
AUDNZD chart analysis
On Friday afternoon, the AUDNZD rose to 1.07882 levels. During the Asian trading session, the pair made a pullback to the 1.077700 support level. With the new support, we start a bullish consolidation and return above the 1.07850 level. We are close to testing last week’s high and climbing to a new high. Potential higher targets are 1.07900 and 1.07950 levels.
If we happen to start a pullback, we first look at support at 1.07750. Going below, we will test the daily low at 1.07700. With increased pressure, we are likely to go to a new low, thus confirming the weakness of the AUDNZD. Potential lower targets are 1.07650 and 7.07600 levels. The EMA50 moving average provides additional support for this pair in the zone around 1.07650.
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