EURAUD and EURNZD: EURNZD drops to a new weekly low
- During this morning’s Asian trading session, the EURAUD retreated to a new weekly low at 1.64472
- Yesterday’s bullish consolidation pushed EURNZD to the 1.80200 level
EURAUD chart analysis
During this morning’s Asian trading session, the EURAUD retreated to a new weekly low at 1.64472. After that, we went back to the daily open price again. This time, we encountered resistance in that zone, pulling back close to the previous low. Once again, we found support and initiated a new recovery to the 1.64660 level. The pair has a slight bullish momentum that it could use for further growth to the bullish side.
Potential higher targets are 1.64800 and 1.65000 levels. A break above 1.64800 will get support from the EMA 200 moving average. For a bearish option, we need a negative consolidation down to 1.64400. With that step, we will move to a new weekly low and extend further withdrawals. Potential lower targets are 1.64200 and 1.64000 levels.
EURNZD chart analysis
Yesterday’s bullish consolidation pushed EURNZD to the 1.80200 level. In that zone this morning, we encountered the EMA 50 moving average, which did not allow us to continue above. The pair was forced to initiate a new retracement, and we saw a drop below the weekly open price. In the continuation, a new weekly low was formed at the 1.79080 level. Potential lower targets are the 1.79000 and 1.78800 levels.
For a bullish option, EURNZD would have to move back above the 1.79600 weekly open price. Then, it needs to stabilize up there so that it has a new position from which it could start a bullish consolidation. With the jump to the 1.8000 level, we get the support of the EMA 50 moving average. Potential higher targets are the 1.80200 and 1.80400 levels.
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