AUD/NZD and AUD/NZD: AUD/NZD continues above 1.07850
- The AUDUSD has been consolidating upward since Friday and falling to the 0.65520 level.
- On Friday afternoon, the Australian dollar rose against the New Zealand dollar to the level of 1.07882.
AUD/USD chart analysis
The AUDUSD has been witnessing an upward consolidation movement since Friday and is falling to the 0.65520 level. During the Asian trading session, we saw the beginning of a bullish consolidation from the 0.65600 level. We are now at 0.65700 and we expect to enter into further growth and recovery. Possible higher targets are 0.65800 and 0.65900 levels. In the area around 0.65800, we are facing the EMA200 and hope that its support will continue to the upside.
We need a negative consensus and a pullback to the 0.65600 support level for a bearish option. A new test of this level could trigger a breakout below and a drop to a new daily low. This confirms the bearish momentum, and we can expect further decline to lower levels. Possible lower targets are 0.65500 and 0.65300 levels.
AUDNZD chart analysis
On Friday afternoon, the Australian dollar rose against the New Zealand dollar to levels of 1.07882. During the Asian trading session, the pair fell to the support level 1.077700. With the new support, we start a bullish consolidation and return above the 1.07850 level. We are about to test last week's high and climb to a new high. Possible higher targets are 1.07900 and 1.07950 levels.
If we start a pullback, we first look at support at 1.07750. Falling below, we will test the daily low at 1.07700. With increased pressure, we are likely to head to a new low, confirming the weakness of the Australian dollar against the New Zealand dollar. Possible lower targets are 1.07650 and 7.07600 levels. The EMA50 provides additional support for this pair in the area around 1.07650.
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