AUDUSD and AUDNZD: AUDUSD grabs a new high above 0.69300
Friday took the AUDUSD to a new 20-month high at 0.69373 On Tuesday, the AUDNZD retreated to the 1.08500 level to a new weekly lowAUDUSD chart analysis
Friday took the AUDUSD to a new 20-month high at 0.69373. After that, the pair lost its momentum and followed by a retreat to the 0.69020 level. It is possible that we will see a drop to 0.68800 and a test of the EMA 50 moving average support. With the reduced momentum of the pair, it could go down on Monday and test the EMA 200 moving average in the zone of 0.68400 levels.
Failure to hold above will strengthen momentum below EMA 200. Potential lower targets are 0.68200 and 0.68000 levels. With new support, the AUDUSD would have the opportunity to initiate a bullish consolidation back to the 0.69400 zone. With this, we move to a new high and strengthen the momentum to the bullish side. Potential higher targets are 0.69600 and 0.69800 levels.
AUDNZD chart analysis
On Tuesday, the AUDNZD retreated to the 1.08500 level to a new weekly low. After that, the pair recovers and stops at the 1.09300 level. We didn’t have the strength from above, which led us to start retreating on Thursday. On Friday, the pair tries to return to the bullish side again but stops at the 1.09200 level. The inability to stay on the bullish side triggered a bearish consolidation and a drop below the EMA 200 and 1.09000 levels.
We do not stop there but go down on Friday to the 1.08800 support level. We expect to see a continuation to the bearish side on Monday and form a new low. Potential lower targets are 1.87000 and 1.86000 levels. With a return above the 200 EMA and 1.09000, AUDNZD would return to the positive side. After that, the pair has a chance to try again to attack the previous high. Potential higher targets are 1.09300 and 1.09400 levels.
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