AUDUSD and AUDNZD: AUDUSD is testing support at 0.65400

AUDUSD chart analysis

During the Asian trading session, AUDUSD was in retreat from 0.65542 to 0.65410 levels. The Australian dollar failed to take advantage of the weak greenback and strengthen against it. Today’s low pair finds support in the EMA200 moving average. For now, we manage to hold above and move up to the 0.65500 level. The picture says otherwise, and we will likely see a pullback below and a drop to a new daily low.

Potential lower targets are 0.65400 and 0.65300 levels. We need a positive consolidation and a move above 0.65600 for a bullish option. Then, we would have to hold on there and start further recovery from there with a new impulse. Potentially higher targets are 0.65700 and 0.65800 levels.

AUDNZD chart analysis

Since the market opened last night, the AUDNZD has managed to break free from the bearish embrace of last week. The pair rises to 1.06300 and forms a new high there. We have additional resistance in the EMA200, which did not allow us to move above it in this attempt. A pullback followed and a drop to the 1.06000 level. Now, it is important for us to stay above in order to form a higher low compared to Friday.

If we succeed, we will have a new basis to initiate a bullish consolidation. The pair should drop down and retest last week’s support at the 1.05700 level for a bearish option. New pressure would strengthen the bearish momentum on such a weak Australian dollar, and we would see a drop to a new weekly lower low. Potential lower targets are 1.05600 and 1.05500 levels.

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