Economy

AUDUSD and AUDNZD: AUDUSD back above 0.67000 in July

AUDUSD and AUDNZD: AUDUSD back above 0.67000 in July

  • During this morning’s Asian trading session, AUDUSD surged to a new weekly high, reaching 0.67388.
  • Since the beginning of this week, the AUDNZD has been in a steady bullish consolidation supported by the EMA50 moving average.

AUDUSD chart analysis

During this morning’s Asian trading session, AUDUSD surged to a new weekly high, reaching 0.67388. This significant jump has brought the pair back to its movement at the beginning of the year. We are currently witnessing a robust bullish consolidation, which holds the potential to propel the pair to a new high. This week, we have the EMA50 and EMA200 moving averages providing support from the start, with potential higher targets at 0.67400 and 0.67600 levels.

For a bearish option, a negative consolidation and pullback of AUDUSD to the 0.67200 level is necessary. Here, we will test the support of the EMA50 moving average. If the bearish momentum gains strength, a pullback will ensue, leading to a potential new daily low. This could result in potential lower targets at 0.67000 and 0.66800 levels.

AUDUSD chart analysis

AUDNZD chart analysis

Since the beginning of this week, the AUDNZD has been in a steady bullish consolidation supported by the EMA50 moving average. During this morning’s Asian trading session, a weekly high was formed at the 1.10110 level. After that, the pair stops there and moves in the 1.10000-1.10100 range. Based on the previous trend, we conclude that continuing to the bullish side is very likely.

Potential higher targets are 1.10200 and 1.10400 levels. We need a negative consolidation and a break below the EMA50 moving average for a bearish option. This will significantly increase the pressure on the AUDNZD to start a further retreat and look for support at a lower level. Potential lower targets are 1.09800 and 1.09600 levels.

AUDNZD chart analysis

The post AUDUSD and AUDNZD: AUDUSD back above 0.67000 in July appeared first on FinanceBrokerage.

You may also like