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AUDUSD Analysis: Weekly Support Zone at 0.65200 level

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AUDUSD Analysis: Weekly Support Zone at 0.65200 level

We are currently looking at the AUDUSD in the weekly support zone at 0.65200. 
This week’s bullish consolidation of AUDNZD took us up to the 1.08778 level on Thursday. 

AUDUSD chart analysis

We are currently looking at the AUDUSD in the weekly support zone at 0.65200. Wednesday was good and optimistic for the Australian dollar as we were in a strong surge from 0.65100 to 0.65900. On Thursday morning, we did not stop there but continued the previous bullish consolidation up to the 0.66347 level. We stopped there, and from there, a reversal and bearish consolidation to the 0.65700 level was initiated.

During the Asian session, AUDUSD tried to hold above the 0.65700 level, but a break below followed. A strong, bearish impulse pushed us to the 0.65100 level again. We are again consolidating in that support zone and hope to see another recovery to the bullish side. Potential higher targets are 0.65300 and 0.65400 levels.

AUDNZD chart analysis

This week’s bullish consolidation of AUDNZD took us up to the 1.08778 level on Thursday. After that, in this morning’s Asian session, there is a bearish consolidation and a pullback to support at the 1.08400 level. We managed to hold above there and initiate a new rally to the 1.08600 level. Additional support is the EMA50 moving average, which keeps us on the bullish side for now.

Potential higher targets are 1.08900 and 1.09000 levels. We need a negative consolidation and pullback below support for a bearish option at 1.08400. Thus, we fall to a new daily low and confirm the bearish pressure. Potential lower targets are 1.08300 and 1.08200 levels. EMA200 moving average is in the zone around 1.07900 level.

The post AUDUSD Analysis: Weekly Support Zone at 0.65200 level appeared first on FinanceBrokerage.

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