AUDUSD consolidates around the weekly open price
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AUDUSD consolidates around the weekly open price

August 30, 2024

AUDUSD consolidates around the weekly open price

  • During this morning’s Asian trading session, the AUDUSD was held around the 0.68000 level
  • AUDNZD retreated to the 1.07982 level on Thursday, forming a new weekly low

AUDUSD chart analysis

During this morning’s Asian trading session, the AUDUSD was held around the 0.68000 level. We made one attempt to reach the 0.68170 level, after which we went back down to the initial position. The pair is supported by the EMA 50 moving average, which provides support for a bullish continuation. It is important that we hold our own here because we are literally at the weekly open level. Potential higher targets are the 0.68200 and 0.68400 levels.

For a bearish option, we need AUDUSD to pullback below the EMA 50 and the 0.68000 level. By going below, the bearish momentum to continue to lower levels is stronger. At 0.67800, we will form a new daily low and thereby confirm further bearish consolidation until the next lower support. Potential lower targets are the 0.67600 and 0.67400 levels. The EMA 200 moving average provides additional support for AUDUSD in the 0.67600 zone.

 

AUDNZD chart analysis

AUDNZD retreated to the 1.07982 level on Thursday, forming a new weekly low. That was a two-month low for us because we were there last time in June. After that, the pair managed to launch a bullish resistance to the 1.08600 level. During this morning’s Asian session, the pair was held there and received support from the EMa 50 moving average. This could push the AUDNZD to start a recovery and move to higher levels.

Potential higher targets are 1.08800 and 1.09000 levels. In the 1.09000 zone, we will test the weekly open price and the EMA 200 moving average. For a bearish option, we need a negative consolidation and a drop below the 1.08300 level. With that step, we descend to a new daily low and confirm that we do not have the strength to stay on the bullish side. Potential lower targets are 1.08200 and 1.08000 levels.

 

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