EURAUD and EURNZD: EURAUD breaks last week’s high 1,63800
- Yesterday, the EURAUD was under pressure, leading to a pullback to the 1.62538 support level.
- A new May EURNZD low was formed on Monday at the 1.75723 level.
EURAUD chart analysis
Yesterday, the EURAUD was under pressure, leading to a pullback to the 1.62538 support level. After that, the pair returned and stabilized at the 1.62800 level. From there, a new appositive consolidation was initiated up to 1.63300 and the EMA200 moving average. During this morning’s Asian trading session, the pair continued with bullish consolidation from the 1.63000 level. We again skip the EMA200 and continue to the bullish side.
EURAUD climbs to the 1.63870 level and forms a new weekly high there. Potential higher targets are 1.64000 and 1.64200 levels. We need a negative consolidation and pullback below the 1.63600 level for a bearish option. That would be the first step that hints at initiating a larger retreat. Potential lower targets are 1.63400 and 1.63300 on the EMA200 moving average.
EURNZD chart analysis
A new May EURNZD low was formed on Monday at the 1.75723 level. After which we see the start of a bullish consolidation that continues today. Today’s high was formed at the 1.76525 level. In this zone, we encounter the EMA50 moving average, which for now represents an obstacle to further recovery. This leads to a new turn to the bearish side.
Potential lower targets are 1.76000 and 1.75800 levels. For a bullish option, we need a positive consolidation and movement of EURNZD to the 1.76600 level. There, we test the weekly open price and need an impulse above to return to the bullish side. Potential higher targets are 1.76800 and 1.77000 levels. We could have additional resistance in the EMA200 in the zone of 1.76800.
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