AUDUSD is under pressure below 0.66200, AUDNZD at 1.07472
Last week’s high for AUDUSD was formed on Friday at the 0.66677 level.
Last week’s growth of AUDNZD was stopped on Friday at the 1.07472 level.
AUDUSD chart analysis
Last week’s high for AUDUSD was formed on Friday at the 0.66677 level. We stop there and start a pullback from that level to 0.66250. During the Asian trading session, the Australian dollar remains under pressure without a chance to break above the resistance zone. This led to a pullback to the 0.66100 level. Here, we find support in the EMA50 moving average, which does not allow us to slip below for now.
This could initiate a bullish impulse and a jump above 0.66250, today’s resistance level. Potential higher targets are 0.66300 and 0.66400 levels. If we were to pull back below the 0.66100 level, the pair would be under pressure to slide down and test the 0.66000 level. With this, we form a new daily low and confirm the increase in bearish momentum. Potential lower targets are 0.65900 and 0.65800 levels.
AUDNZD chart analysis
Last week’s growth of AUDNZD was stopped on Friday at the 1.07472 level. After that, with two rather strong bearish impulses, we descend to the 1.07120 level. With the new support, we recover slightly to 1.072500 and close the market there on Friday. During this morning’s Asian trading session, the pair continues to pull back and fall below Friday’s low. With this, we form a two-day low and confirm the bearish momentum.
Potential lower targets are the 1.07000 and 1.06900 levels. Additional resistance could be found in the EMA200 in the zone above the 1.06900 level. For a bullish option, we need a positive consolidation and a move above the 1.07250 level. Thus, we return above the weekly open price and climb to the positive side. Potential higher targets are the 1.07300 and 1.07400 levels.
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