AUDUSD Continues Bullish Consolidation to 0.65518 Level
- Last Tuesday, we saw the AUDUSD pullback to the 0.64428 level.
- Last week, we saw a bullish consolidation of AUDNZD to the 1.07034 level.
AUDUSD chart analysis
Last Tuesday, we saw the AUDUSD pullback to the 0.64428 level. After a successful stop at that level, the pair gains support and initiates a bullish consolidation until the end of the week, climbing to the 0.65400 level.
During the Asian trading session, we saw a continuation of the bullish consolidation and a move up to the 0.65518 level. We stop in that zone and start pulling back to the 0.65350 level.
AUDUSD is now under pressure to drop to the Asian low and look for support there. Potential lower targets are 0.65200 and 0.65100 levels. We will have additional support in the EMA200 and the zone around the 0.65200 level.
We need a return to the resistance zone around 0.65500 for a bullish option. The breakout above makes a new seven-day high and thus confirms that we have the strength for further growth. Potential higher targets are 0.65600 and 0.65700 levels.
AUDNZD chart analysis
Last week, we saw a bullish consolidation of AUDNZD to the 1.07034 level. After forming the weekly high at that level, the pair begins to retreat to the 1.06660 level. During the Asian trading session, we continued the bearish consolidation by forming a new daily low at the 1.06400 level. For now, we are holding above that level and recovering to the 1.06450 level.
AUDNZD remains under bearish pressure to form a new daily low. Potential lower targets are 1.06300 and 1.06200 levels. For a bullish option, we need a move to the 1.06600 level. With that step, we would break through the previous bearish formation. The pair would move away from the low price and could trigger further recovery. Potential higher targets are 1.06700 and 1.06800 levels.
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