AUDUSD and AUDNZD: AUDUSD under pressure at new low
- During this morning’s Asian trading session, the AUDUSD broke through last week’s low and formed a new one.
- AUDNZD has been on a pullback since the opening of the Asian session last night.
AUDUSD chart analysis
During this morning’s Asian trading session, the AUDUSD broke through last week’s low and formed a new one. The new weekly low is 0.66600 and we are currently still very close to it. The pair is under pressure to make an impulse below and create a new low. Potential lower targets are 0.66500 and 0.66400 levels.
For a bullish option, we are hopeful for a positive consolidation and a return up to the 0.66850 level. This would signify a move above the weekly open price to the positive side. Stabilizing there would be key to forming a bottom for the continuation to the bullish side. The potential for higher targets at 0.67000 and 0.67100 levels is a positive sign. Keep in mind that additional resistance for AUDUSD could be found in the EMA 200 moving average around the 0.67200 level.
AUDNZD chart analysis
AUDNZD has been on a pullback since the opening of the Asian session last night. A new low was formed at the 1.11000 level. Additional pressure from a sharp drop below the EMA 50 moving average could worsen the picture. We expect to see a further pullback and the formation of a new daily low. Potential lower targets are 1.10900 and 1.10800 levels.
Additional support for AUDNZD in the 1.10850 zone is in the EMA 200 moving average. For a bullish option, we need to first retrace above 1.11100 and the EMA 50 moving average. With new support, the pair could initiate a further recovery to the weekly open price of 1.11250. The impulse above moves us to the positive side and strengthens the optimism for further continuation to the bullish side. Potential higher targets are 1.11300 and 1.11400 levels.
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