AUDUSD and AUDNZD: AUDUSD was close to visiting 0.68000

AUDUSD chart analysis

AUDUSD took advantage of the dollar’s decline yesterday and climbed to the 0.67986 level. After that, the pair stopped there and started a pullback to the 0.67550 level. Here, we get support from the EMA 50 moving average, which stopped further pullback. During this morning’s Asian trading session, we see the initiation of a bullish consolidation up to the 0.67800 level. A new high was formed compared to this morning’s, which could trigger further recovery on the bullish side.

Potential higher targets are the 0.67900 and 0.68000 levels. For a bearish option, we need a negative consolidation and pullback below the EMA 50 moving average and the 0.67550 level. This would increase the pressure on AUDUSD to initiate a further pullback and look for new support at lower levels. Potential lower targets are the 0.67400 and 0.67300 levels.

AUDNZD chart analysis

During this morning’s Asian trading session, AUDNZD rose to the 1.11182 level. On Wednesday, the Reserve Bank of New Zealand announced that it would leave the interest rate unchanged at 5.50%. This information brought down the value of the New Zealand currency, and AUDNZD jumped from 1.09900 to 1.10900. We are now testing that high and looking for support at the EMA 50 moving average.

Despite the bearish consolidation since this morning, there’s hope for recovery. An impulse below the 1.10800 level could easily happen, but potential lower targets are the 1.10700 and 1.10600 levels. A positive consolidation and a move above the 1.11000 level could signal a bullish option and the start of recovery. We expect to see AUDNZD at higher levels after that, with potential higher targets at the 1.11100 and 1.11200 levels.

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