AUDUSD and AUDNZD: New Weekly Targets and Prices
At the market opening this morning, AUDUSD made a bearish gap and started a new pullback
During this morning’s Asian trading session, AUDNZD traded in the 1.10400-1.10700 range
AUDUSD chart analysis
At the market opening this morning, AUDUSD made a bearish gap and started a new pullback. We failed to move above 0.67400 and EMA 50 moving average. This led us to initiate a bearish consolidation around the 0.67200 level. If the pair continues this trend, we expect to see a test of 0.67000 and thus test last week’s low. Potential lower targets are 0.66800 and 0.666600 levels.
For a bullish option, the AUDUSD must first stabilize before initiating a bullish consolidation. Then, we hope for a return above the 0.67500 daily open level. With that, we move to the positive side and close this morning’s gap. After that, the AUDUSD has an opportunity to subdue the bullish consolidation and continue the recovery. Potential higher targets are 0.67600 and 0.67800 levels. Additional resistance to our teaching on the bullish side is the EMA 200 moving average in the 0.67800 zone.
AUDNZD chart analysis
During this morning’s Asian trading session, AUDNZD traded in the 1.10400-1.10700 range. The pair has solid support, and if it holds there, we could see the initiation of a bullish consolidation above today’s high. This gives us enough momentum to stay on the positive side. Potential higher targets are 1.10700 and 1.10800 levels. Last week’s high is another step to 1.10900.
For a bearish option, we need AUDNZD to fall below the daily open level first. After that, we will see the strengthening of bearish pressure on the pair to continue further retreat towards 1.10300, where the EMA 200 moving average awaits us. This time, we expect a breakout below as well as an increase in bearish momentum. Potential lower targets are 1.10200 and 1.10100 levels.
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