EURAUD and EURNZD: EURAUD in a new bearish consolidation
- During this morning’s Asian trading session, the EURAUD rose to 1.65819, forming a new weekly high there
- During this morning’s Asian session, the EURNZD came under pressure again, leading to another pullback
EURAUD chart analysis
During this morning’s Asian trading session, the EURAUD rose to 1.65819, forming a new weekly high there. After that, the pair suddenly loses momentum and initiates a pullback. We have already seen a drop below the EMA 200 and 1.65500 levels. The inability to hold there only pushed the EURAUD to a new daily low of 1.65100. We are currently at the 1.65170 level in the zone of today’s low. If we hang on to this for too long, it could only increase the pressure and send us to a new low.
Potential lower targets are the 1.65000 in 1.64900 levels. For a bullish option, the pair would have to stabilize in this zone before initiating a recovery. With the return above 1.65400, we return to the positive side above the weekly open price. Potential higher targets are the 1.65600 and 1.65800 levels.
EURNZD chart analysis
During this morning’s Asian session, the EURNZD came under pressure again, leading to another pullback. At 1.80449, we saw the formation of a daily low. Right now, we’re trying to hold on here and stop further retreat. The pair has a new opportunity to initiate a new bullish consolidation and move back up to the 1.81000 level. With that step, we move above the daily open level and the EMA 50 moving average.
Potential higher targets are the 1.81200 and 1.81400 levels. For a bearish option, EURNZD would have to continue with the previous consolidation to today’s low. This would allow us to retest that level in search of new support. It is easily possible that this time, we will see a break below and the formation of a new low. Potential lower targets are the 1.80400 and 1.80300 levels.
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