EURAUD and EURNZD: EURNZD is trying to hold above 1.80000
During the Asian trading session, EURAUD retreated from 1.64600 levels.
This week, we have seen quite a bit of sideways consolidation in the 1.79800-1.80600 range.
EURAUD chart analysis
During the Asian trading session, EURAUD retreated from 1.64600 levels. There, we had resistance in the EMA50, which further pressured this pair, and we were forced to retreat to 1.63811, the new weekly low. For now, we stop there and recover slightly to the 1.64250 level. We are in a small bullish consolidation and expect a recovery to the 1.64500 level. There, we meet the EMA50 again and hope for a break above if the bullish consolidation continues.
Potential higher targets are 1.64600 and 1.64800 levels. EMA200 moving average is in the zone of 1.65000 levels. We need a negative consolidation and a new drop below the 1.64000 level for a bearish option. With that, we are on the verge of falling to a new low and getting confirmation of bearish momentum. Potential lower targets are 1.63800 and 1.63600 levels.
EURNZD chart analysis
This week, we have seen quite a bit of sideways consolidation in the 1.79800-1.80600 range. This morning, we successfully tested the support level again and returned above 1.80200 and the EMA200 moving average with bullish consolidation.
We expect further continuation to the upper level of this range at 1.80600. Depending on the strength of the bullish impulse, we could see a break above and form a new daily high.
Potential higher targets are 1.80800 and 1.81000 levels. For a bearish option, EURNZD would have to break back below 1.8000 and the EMA200 moving average.
After that, we expect stronger bearish pressure and a drop to test the 1.79800 support level. If the pressure on that level continues, we cannot rule out a breakout below and the formation of a new weekly low. Potential lower targets are 1.79700 and 1.79600 levels.
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