AUDUSD Recovery: Targets at 0.65400 and 0.65500?

AUDUSD chart analysis

During the Asian trading session, AUDUSD moved in the 0.65100-0.65300 range. We stay below the EMA200 moving average and watch how it will behave for the rest of the day. The movement is in a tight range, and we will likely see an impulse to one side soon that will break this formation. If we break above, then we have an opportunity to start the AUDUSD recovery. Potential higher targets are 0.65400 and 0.65500 levels.

For a bearish option, we need a pullback below the 0.65100 level. Dropping below would test the 0.65000 level of support. The negative thing is that we would form a new low for this week, which could increase the pressure on this pair to start a further retreat. Potential lower targets are 0.64900 and 0.64800 levels.

AUDNZD chart analysis

During the Asian trading session, the AUDNZD bounced back from Friday’s decline. At the market’s opening, the pair goes above the 1.06000 level and very quickly climbs to the 1.06400 level. Bullish consolidation could continue to push this pair above the 1.06500 level by the end of the day. The AUD is in a better position than the NZD and is taking advantage of that. Potential higher targets are 1.06600 and 1.06700 levels.

EMA200 moving average and previous resistance is in the zone around 1.06800 levels. We need a negative consolidation and pullback below the 1.06250 support level for a bearish option. With a drop below the pair would be under pressure to test the 1.06000 price from the market open last night. Potential lower targets are 1.05900 and 1.05800 levels.

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