Economy 10-05-2024 13:03 5 Views

AUDUSD and AUDNZD: support for AUDNZD at 1.09500 level

AUDUSD and AUDNZD: support for AUDNZD at 1.09500 level

AUDUSD pulled back to the 0.65600 level on Wednesday, testing the EMA200 moving average. Yesterday, the AUDNZD fell to a new weekly low at the 1.09511 level. 

AUDUSD Chart Analysis

AUDUSD pulled back to the 0.65600 level on Wednesday, testing the EMA200 moving average. We managed to get the required support there and initiate a bullish consolidation from there.

We quickly moved above 0.65800 and formed a new high at the 0.66200 level. During this morning’s Asian trading session, the pair slightly retreats to the 0.66000 level.

The pressure is now on the Australian dollar, and we could see a further pullback. Potential lower targets are 0.65900 and 0.65800 levels.

Additional support in the 0.65800 zone is in the EMA200 moving average. We need a positive consolidation and a return above the 0.66200 level for a bullish option. After that we can hope for further recovery. Potential higher targets are 0.66300 and 0.66400 levels.

AUDNZD chart analysis

Yesterday, the AUDNZD fell to a new weekly low at the 1.09511 level. After that, we managed to hold on there and initiate a positive consolidation and resistance above the 1.09600 level.

During this morning’s Asian session, the pair continues growing and returning above the EMA200 moving average. A new daily high was formed at 1.09900, and we expect to see further growth to the bullish side.

Potential higher targets are 1.10000 and 1.10100 levels. We will test the weekly open price in the 1.1000 zone. We need a pullback below the EMA200 and the 1.09800 level for a bearish option. With that, we switch to the negative side and turn to lower support levels. Potential lower targets are 1.09700 and 1.09600 levels.

 

The post AUDUSD and AUDNZD: support for AUDNZD at 1.09500 level appeared first on FinanceBrokerage.

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