AUDUSD and AUDNZD: AUDUSD is trying to stay above 0.67400
- During this morning’s Asian session, AUDUSD rose to the 0.67610 level.
- On Friday, the AUDNZD rose to the 1.10110 level.
AUDUSD chart analysis
During this morning’s Asian session, AUDUSD rose to the 0.67610 level. After the formation of the new July high pair, it stopped at that level and started a retreat to the 0.67350 level. Here, we encounter the EMA 50 moving average while remaining under bearish pressure. This could initiate an impulse below and the formation of a new daily low. With that step, the pair will strengthen the bearish momentum and establish a bearish trend.
Potential lower targets are 0.67200 and 0.67000 levels. We need a return above the 0.67500 weekly open price for a bullish option. That puts the AUDUSD back on the positive side, increasing optimism for further recovery. A breakout of the pair above 0.67600 takes us to a new weekly high. Potential higher targets are 0.67700 and 0.67800 levels.
AUDNZD chart analysis
On Friday, the AUDNZD rose to the 1.10110 level. In that zone, bullish momentum was lost, and the pair had to give up further progress. After that, we saw a bearish consolidation up to the 1.09770 level. During this morning’s Asian trading session, the pair moved in the 1.09800-1.09900 range. In the last couple of hours, the picture has slowly become bullish, and we could see a break above the EMA 50 moving average and the 1.09900 level.
With the new support, it will be easier for us to start a new bullish growth. Potential higher targets are 1.10000 and 1.10100 levels. We need a negative consolidation break below this morning’s support at 1.09800 for a bearish option. Below, we are under a lot of pressure to go down to a new weekly low and initiate a further pullback. Potential lower targets are 1.09700 and 1.09600 levels.
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