AUDUSD and AUDNZD: AUDUSD falls under bearish pressure

• AUDUSD made a big drop from 0.66400 to 0.65000 levels on Wednesday. 
• AUDNZD is in retreat this week, with a weekly low forming at the 1.08756 level. 

AUDUSD chart analysis

AUDUSD made a big drop from 0.66400 to 0.65000 levels on Wednesday. Yesterday, we tried to consolidate and initiate recovery, and we did so partially up to the 0.65500 level. After that, in this morning’s Asian session, the pair tried to hold on to the 0.65400 level, but the pressure was high on the Australian dollar, and we saw a new pullback. We are now back in the 0.65000 zone and testing its support.

Potential lower targets are 0.64900 and 0.64800 levels. For a bullish option, we need a positive consolidation and a move above the 0.65200 level to start. Then we need to hold up there in order to make a bottom from which to initiate a recovery to the bullish side. Potential higher targets are 0.65300 and 0.65400 levels.

AUDNZD chart analysis

AUDNZD is in retreat this week, with a weekly low forming at the 1.08756 level. On Monday and Tuesday, we consolidated in the 1.09300-1.09500 range. Wednesday brings a strong bearish impulse and a drop to the 1.09000 level first. We then slipped to a new weekly low. Yesterday, the pair spent consolidating in the 1.08800-1.09100 range, trying to stay there and turn to the bullish side.

On the upside, we also have the EMA200 moving average, which could put additional pressure on the AUDNZD. Potential higher targets are 1.09150 and 1.09200 levels. We need a new test of the support zone around the 1.08800 level for a bearish option. We go to a new weekly low and extend the bearish scenario by breaking below. Potential lower targets are 1.08750 and 1.08700 levels.