AUDUSD and AUDNZD: AUDNZD continues to rise above 1.09500
On Thursday, AUDUSD climbed back above the 0.66000 level. There was a strong bullish trend in AUDNZD last week as well.AUDUSD chart analysis
On Thursday, AUDUSD climbed back above the 0.66000 level. It stayed up for a short time and quickly fell to the 0.65900 level. We failed to hold above there on Friday but continued to the 0.65500 support level. Below, we came across the EMA200, which did not allow us to continue on the bearish side, and we returned again to the 0.65850 level. During the Asian trading session, we put pressure on the 0.65900 resistance level.
We hope for a new bullish impulse and a jump above that level to a new weekly high. Potential higher targets are 0.66000 and 0.66100 levels. We need a negative consolidation and pullback below 0.65500 and the EMA200 moving average for a bearish option. This moves us to the bearish side and we will be under greater pressure to start a further retreat. Potential lower targets are 0.65400 and 0.65300 levels.
AUDNZD chart analysis
There was a strong bullish trend in AUDNZD last week as well. That took us to a new weekly high at the 1.09557 level. After that, we returned to the previous bullish movement channel with the support of the EMA50 and EMA200 moving averages. We expect to see a continuation to the bullish side and growth to new higher levels. Potential higher targets are 1.09600 and 1.09700 levels.
For a bearish option, we need a pullback below the EMA50 to start. A drop to 1.09200 would increase bearish pressure on AUDNZD. This would lead to a continuation towards the EMA200 in the zone around 1.09100 levels. Failure to hold above this support will have a negative impact, and the pair could move below the 1.09100 level. Potential lower targets are 1.09000 and 1.08900 levels.
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