AUDUSD & AUDNZD: Watching for Resistance at 0.6500 Level
- On Monday, we saw the AUDUSD fall to the 0.64488 level.
- This week we watched the AUDNZD retreat from 1.07394 to 1.05865 level.
AUDUSD chart analysis
On Monday, we saw the AUDUSD fall to the 0.64488 level. On Tuesday, the pair receives support at that level and begins a recovery to the 0.65400 level. We encountered resistance there, and yesterday, we saw a pullback from that level to support at the 0.64800 level.
During this morning’s Asian trading session, the AUDUSD initiated a new bullish consolidation and rose again above the 0.65000 level.
At the 0.65125 level, we are testing the weekly open price, and we need a break above to close this week positively. Potential higher targets are 0.65200 and 0.65300 levels. EMA200 is an additional resistance for us at the 0.65300 level. The AUDUSD would have to pull back below the 0.65000 level for a bearish option.
The new pressure would bring us down to testing the previous support levels. Potential lower targets are 0.64800 and 0.64600 levels.
AUDNZD chart analysis
This week we watched the AUDNZD retreat from 1.07394 to 1.05865 level. On Monday and Tuesday, the pair managed to stay above 1.07000; after that, we saw a drop below and continued until this morning.
During this morning’s Asian trading session, the pair started the day at 1.06400. As we got closer to the EU session, the pair slid lower and lower. Chances are high that we will see a drop to new lower levels.
Potential lower targets are 1.05800 and 1.05700 levels. For a bullish option, we need to move above the 1.06200 level. With that step, we would form a bottom from which we would have a solid position to start with bullish consolidation. Potential higher targets are 1.06400 and 1.06600 levels.
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