AUDUSD and AUDNZD: AUDUSD near new weekly high

• During this morning’s Asian trading session, the AUDUSD initiated a new bullish consolidation
• During this morning’s Asian session, the AUDNZD climbed to a new weekly high at 1.10576

AUDUSD chart analysis

During this morning’s Asian trading session, the AUDUSD initiated a new bullish consolidation. In the EU session, we saw the formation of a new daily high at the 0.66840 level. For now, we are moving above that level and pulling back slightly to the 0.66300 level. We narrowly missed reaching the previous weekly high. The pair is still in bullish momentum, so it is possible to see a continuation upwards to a new weekly high.

Potential higher targets are 0.66500 and 0.66600 levels. For a bearish option, we need a negative consolidation and a descent of AUDUSD back to the 0.66100 level. There, we will try to stay above the daily open price. If pressure continues, the pair will have to drop below to a new daily low. Potential lower targets are 0.66000 and 0.65900 levels. Additional support for AUDUSD is the EMA 200 moving average.

AUDNZD chart analysis

During this morning’s Asian session, the AUDNZD climbed to a new weekly high at 1.10576. After its formation, the pair initiated a retreat below the 1.10400 level. Then, we were looking at a continuation down to the 1.10100 level. Here, we are now testing the EMA 50 moving average in hopes of finding support and stopping further declines. With the break below, we move to a new daily low and thereby confirm the current bearish momentum.

Potential lower targets are the 1.10000 and 1.09800 levels. Additional significant support for AUDNZD is the EMA200 moving average and the 1.09800 zone. For a bullish option, we need a rise above the 1.10300 level. This gives us the support of the EMA 50, and we will have the opportunity to start a new recovery. Potential higher targets are the 1.10400 and 1.10600 levels.