Economy 20-05-2024 13:23 8 Views

AUDUSD and AUDNZD: AUDUSD in retreat from 0.67100 level

AUDUSD and AUDNZD cover image

AUDUSD and AUDNZD: AUDUSD in retreat from 0.67100 level

  • During this morning’s Asian session, the AUDUSD only managed to move up to the 0.67095 level. 
  • Last week’s AUDNZD pullback was halted on Friday at the 1.08920 level. 

AUDUSD chart analysis

During this morning’s Asian session, the AUDUSD only managed to move up to the 0.67095 level. After that, we see the dollar strengthening, and the pair begins to retreat. We slide below the weekly open price at the 0.66880 level in the EU session. We are getting closer to the 0.66800 level, where we will try to find support in the EMA50 moving average. If the pressure on AUDUSD continues, the pair will have to look for a new support level.

Potential lower targets are 0.66700 and 0.66600 levels. EMA200 moving average is in the zone of 0.66400 levels. AUDUSD should move back above the 0.67000 level for a bullish option. Then, it is necessary to maintain above that level for a certain time. If we succeed, we will be in a good position to initiate positive consolidation for further growth and recovery. Potential higher targets are 0.67100 and 0.67200 levels.

AUDUSD chart analysis

 

AUDNZD chart analysis

Last week’s AUDNZD pullback was halted on Friday at the 1.08920 level. With the new low, we started the recovery and the positive consolidation that took us up to the 1.09400 level this morning. So far, we are moving sideways in the 1.09250-1.09400 range. For a bullish option, we need an impulse to 1.09500, where we will test the EMA200 moving average. If we skip that level, we can safely say that we are returning to a bullish trend.

Potential higher targets are 1.09600 and 1.09700 levels. By pulling AUDNZD below the 1.09200 level, we also fall below the EMA50 moving average. That step could drag us down to the weekly open price at the 1.09120 level. Below that level, the pair will be under strong pressure to start a further pullback. Potential lower targets are 1.09000 and 1.08900 levels.

AUDNZD chart analysis

 

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