AUDUSD and AUDNZD: AUDUSD is losing ground below 0.64500

August 6, 2024

AUDUSD and AUDNZD: AUDUSD is losing ground below 0.64500

  • During this morning’s Asian session, we saw the initiation of a new bearish AUDUSD consolidation, which led to a new yearly low at the 0.63484 level.
  • During this morning’s Asian session, the AUDNZD was under pressure to continue last week’s bearish trend. 

AUDUSD chart analysis

During this morning’s Asian session, we saw the initiation of a new bearish AUDUSD consolidation, which led to a new yearly low at the 0.63484 level. The pair managed to gain new support there and initiate a recovery to the 0.64500 level. In the EU session, we are trying to maintain ourselves in that zone to get support for initiating bullish consolidation. If we succeed in this, we can hope for further growth on the bullish side.

Potential higher targets are the 0.65000 and 0.65500 levels. The 0.65500 level is very important because there we meet the EMA 200 moving average, which could be a resistance to further recovery. For a bearish option, AUDUSD would have to initiate a bearish consolidation below the 0.64000 level. With that step, the pair is again forced to test this morning’s low. Potential lower targets are the 0.63500 and 0.63000 levels.

 

AUDNZD chart analysis

During this morning’s Asian session, the AUDNZD was under pressure to continue last week’s bearish trend. We saw that, as well as the formation of a new lower low at the 1.08486 level. The pair is under strong pressure to continue retreating further and form a new low. Potential lower targets are the 1.08400 and 1.08200 levels. This brings us back to the movement of the AUDNZD from June.

For a bullish option, we need another positive consolidation and a return up to the 1.09000 level. With that step, we would move significantly away from the current low. We then need to hold here to try and move back above the daily open price of 1.09300. If we succeed in this, the chances of further recovery to the bullish side increase. Potential higher targets are 1.09400 and 1.09600 levels.

 

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