AUDUSD Consolidation Could Help Aussie Dollar Recovery
- In the previous week, the movement of the AUDUSD was volatile.
- We have seen the AUDNZD retreat from 1.08330 to 1.06937 in the past two weeks until the previous Thursday.
AUDUSD chart analysis
In the previous week, the movement of the AUDUSD was volatile. On Monday and Tuesday, we saw a consolidation that could have helped the Aussie dollar start a recovery. On Wednesday, the picture turned negative for the AUD, and the dollar began to dominate. This led us to see a pullback to the 0.65100 level on Thursday. The pair finds support at that level and quickly recovers above the 0.66000 level.
The joy was short-lived, and on Friday, we saw new pullbacks and a drop below previous support. During the previous Asian trading session, there were attempts to trigger the AUDUSD recovery but without the volume for a more concrete bullish move. The pair formed a low at 0.64860 and fell below the 0.65000 psychological level.
AUDNZD chart analysis
We have seen the AUDNZD retreat from 1.08330 to 1.06937 in the past two weeks until the previous Thursday. There, we managed to get support and start a recovery that lasted until the end of Friday to the 1.07400 level. During the previous Asian session, the NZD strengthened, taking the pair to a daily low of 1.07200. The fall stops in the EU session, and we move sideways in the 1.07150-1.07250 range.
If the previous two-week trend continues, we will see a slide below and the formation of a new weekly low for the AUDNZD. Potential lower targets are 1.07000 and 1.06800 levels.
For a bullish option, we still need a jump above the 1.07500 level. That would also skip the EMA200 moving average. With their support, the potential higher targets are 1.07600 and 1.07700 levels.
