EURAUD and EURNZD: EURAUD takes a step lower this morning

EURAUD chart analysis

During this morning’s Asian trading session, the EURAUD retreated to the 1.65250 level. There, we met the EMA 50 moving average, which gave us support. Since then, we have been in a slight recovery to 1.65550 levels. The pair has remained under bearish pressure since yesterday, and we are now monitoring whether it will manage to hold above this morning’s low. New pressure on it could produce an impulse below and form a new low.

Potential lower targets are 1.65000 and 1.64500 levels. If the support holds, the EURAUD will have an opportunity to initiate a positive consolidation and return to the bullish side. Crossing over the 1.66000 level brings us a new daily high and confirms our claims for continued recovery. Potential higher targets are 1.66500 and 1.67000 levels.

EURNZD chart analysis

During this morning’s Asian trading session, EURNZD climbed to a new weekly high of 1.84514. After that, we see a stop there, which led to a drop to the 1.83700 support level. We remain above the EMA 50 moving average, which shows a strong bullish trend. The pair initiates a bullish consolidation from the support level and rises again to the 1.84500 level. We need another impulse to climb to a new weekly high.

Potential higher targets are 1.85000 and 1.85500 levels. For a bearish option, EURNZD would have to break below the EMA 50 moving average and the 1.83500 level. Thus, we will see a breakthrough of the previous bullish formation, which will increase the bearish pressure. After that, the pair would have to start retreating to lower levels. Potential lower targets are 1.83000 and 1.82500 levels.

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