EURAUD and EURNZD: EURAUD is coming off the weekly high
- During this morning’s Asian trading session, the EURAUD rose to 1.65425, forming a new two-week high
- On Thursday, the EURNZD rose to a new weekly high at the 1.79272 level
EURAUD chart analysis
During this morning’s Asian trading session, the EURAUD rose to 1.65425, forming a new two-week high. After that, there was a decline in the bullish momentum, and the pair began to retreat. We are now at 1.64900 and close to testing the daily open price. Additional support at that level is the EMA 50 moving average. In the previous days, we had his support for our bullish trend, and we expect that today.
Potential higher targets are 1.65200 and 1.65400 levels. For a bearish option, we need a negative consolidation and pullback down to the 1.64400 level. Thus, the EURAUD would descend to stronger support in the EMA 200 moving average. Failure to stay above this time will push us below and add to the bearish trend. Potential lower targets are 1.64200 and 1.64000 levels.
EURNZD chart analysis
On Thursday, the EURNZD rose to a new weekly high at the 1.79272 level. After that, the pair goes into lateral consolidation in the 1.78400-1.79000 range. The current pressure is on the lower level, and a break below and the formation of a new daily low could easily happen. EMA 50 and EMA 200 are on the bearish side and put additional pressure on EURNZD. Potential lower targets are 1.78200 and 1.78000 levels.
For a bullish option, we need a positive consolidation and a return to start above the moving averages and 1.78800. When we see it on the chart, we can hope to initiate a new bullish impulse and recovery to higher levels. Potential higher targets are 1.79000 and 1.79200 levels.
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