Economy 24-05-2024 11:24 8 Views

AUDUSD and AUDNZD: AUDNZD falls to 1.08188 this morning

AUDUSD and AUDNZD cover image

AUDUSD and AUDNZD: AUDNZD falls to 1.08188 this morning

  • During this morning’s Asian trading session, the AUDUSD retreated to a new weekly low at 0.65922.
  • This morning, a new weekly low for AUDNZD was formed at the 1.08188 level. 

AUDUSD chart analysis

During this morning’s Asian trading session, the AUDUSD retreated to a new weekly low at 0.65922. After the pair received support at that level, a positive consolidation was initiated above the daily open price. With that, we returned to the positive side and are now at the 0.66125 level. We expect to see a further continuation of this bullish consolidation and climb to a new daily high. 

Potential higher targets are 0.66200 and 0.66300 levels. Additional support at 0.66200 is the EMA50 moving average. First, we need a return below the daily open price of 0.66070 for a bearish option. We are moving down to the negative side and expect a new test of this morning’s low. Increased pressure would easily push us to a new low and thus confirm the bearish option. Potential lower targets are 0.65900 and 0.65800 levels.

AUDUSD chart analysis

 

AUDNZD chart analysis

This morning, a new weekly low for AUDNZD was formed at the 1.08188 level. On Wednesday we had a sharp drop from 1.09444 to 1.08600 level. The reason for this was the news of the Reserve Bank of New Zealand leaving the interest rate at the previous level. On Thursday, the pullback that brought us to a new low this morning continued. Potential lower targets are 1.08100 and 1.08000 levels.

We see the initiation of a slight recovery in AUDUSD to 1.08320 levels. The pair would now have to move to the 1.08400 level and thus strengthen the bullish momentum. In the 1.08500 zone, we encounter the EMA50 moving average and count on its support if we move above. Potential higher targets are 1.08600 and 1.08700 levels.

AUDNZD chart analysis

 

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