AUDUSD and AUDNZD: AUDNZD breaks past last week’s high

AUDUSD chart analysis

There was a bearish gap at the market opening last night for AUDUSD from 0.67842 to 0.67700 level. After that, the pair managed to stabilize there and start a positive consolidation back to the weekly open price. For now, we have resistance in that zone and need a stronger impulse to move us above. A jump to 0.67900 could start a bullish option. If we stay above the weekly open price, it would help us a lot in achieving that goal.

Potential higher targets are 0.68000 and 0.68100 levels. For a bearish option, we need a negative consolidation and a drop below the 0.67700 level. This moves us below the EMA 50 moving average. This will increase the bearish pressure on the pair to start a further pullback. Potential lower targets are 0.67600 and 0.67500 levels.

AUDNZD chart analysis

During this morning’s Asian trading session, the AUDNZD climbed to a new high at the 1.11354 level. Strong bullish consolidation from last night’s market opening took us above last week’s high. The pair has remained high, and there is a good chance of seeing a continuation of growth on the bullish side. Potential higher targets are 1.11400 and 1.11500 levels.

We need a negative consolidation and pullback down to the 1.11000 level for a bearish option. There, we will test the EMA 50 moving average. If the support level does not hold, the AUDNZD will have to look for new lower support. We will test the weekly open price at 1.10880. If the pressure continues and drops us below, the pair will be on the negative side. Potential lower targets are 1.10700 and 1.10600 levels.

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