EURAUD and EURNZD: EURNZD on the way to 1.75000 support
- The EURAUD made a significant move yesterday, retreating to a new low at the 1.62610 level.
- During this morning’s Asian trading session, the EURNZD continued its bearish consolidation, a trend that requires careful consideration.
EURAUD chart analysis
The EURAUD made a significant move yesterday, retreating to a new low at the 1.62610 level. This was a notable event, indicating a potential shift in the market. This morning in the Asian session, we witnessed a recovery to 1.63300 levels, but the pair encountered the EMA200 moving average and initiated a new pullback. The pair has now retreated below the daily open price, moving to the negative side. It is currently at the 1.62785 level and close to revisiting yesterday’s low.
Potential lower targets are 1.62600 and 1.62400 levels. We need a positive consolidation and a return above the 1.63000 level for a bullish option. Then, we have to stay there in order to wait for a new impulse to continue to the bullish side. Potential higher targets are 1.63200 and 1.63400 levels.
EURNZD chart analysis
During this morning’s Asian trading session, the EURNZD continued its bearish consolidation, a trend that requires careful consideration. We saw a break below yesterday’s support at the 1.75500 level, and a new weekly low was formed at the 1.75238 level. There are good chances for a further retreat to a new lower low. Potential lower targets are 1.75000 and 1.74800 levels, indicating the need for caution in the current market conditions.
For a bullish option, we need the initiation of a positive consolidation and a return above the 1.75600 level, which is a key resistance level. After that, the pair would have to stabilize there before continuing to the bullish side. Potential higher targets are 1.75800 and 1.76000 levels, which are significant resistance levels. We could encounter higher resistance at 1.76200 in the EMA200 moving average.
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