AUDUSD and AUDNZD: AUDUSD has a chance to start a recovery

• AUDUSD’s two-week bearish consolidation was stopped yesterday at the 0.61538 level. 
• AUDNZD pulled back to the 1.10370 level yesterday, forming a new two-week low there. 

AUDUSD chart analysis

AUDUSD’s two-week bearish consolidation was stopped yesterday at the 0.61538 level. After receiving support at this level, the pair started a recovery and climbed to the 0.65650 level this morning. In this zone, we meet the EMA 50 moving average, and for now, we fail to move above it. We need a stronger impulse that would take us to 0.65800 and thus form a new daily high.

Potential higher targets are 0.66000 and 0.66200 levels. For a bearish option, we need a negative consolidation and a descent of AUDUSD down to the 0.65200 level. We are very close to testing the previous low. A new visit to the low zone could produce an impulse to a new lower low. Potential lower targets are 0.65000 and 0.64800 levels.

 

AUDNZD chart analysis

AUDNZD pulled back to the 1.10370 level yesterday, forming a new two-week low there. After that, the pair stabilized very quickly and started a positive consolidation back to the 1.11000 level. With that, we returned again above the EMA 200 moving average, which increased optimism for further progress to the bullish side. During this morning’s Asian trading session, the AUDNZD continued its recovery, rising all the way to the 1.11300 level.

In this zone, we test this week’s high and expect the formation of a new one. Potential higher targets are 1.11400 and 1.11500 levels. We need a negative consolidation and pullback to the EMA 200 and 1.11000 levels for a bearish option. With a new descent below, the chances increase for the pair to start a further retreat, thereby forming a new daily low. Potential lower targets are 1.10800 and 1.10600 levels.

 

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