EURAUD and EURNZD: The euro is recovering on both fronts
- Yesterday, we watched the growth of EURAUD above the 1.66000 level from the 1.64850 level.
- At the start of this week, EURNZD broke last week’s bearish structure and started a bullish trend.
EURAUD chart analysis
Yesterday, we watched the growth of EURAUD above the 1.66000 level from the 1.64850 level. During the previous Asian trading session, we managed to climb up to the 1.66270 level. There, we form a new weekly high and stop at that level. Then, followed negative consolidation and a pullback to support at the 1.65500 level. For now, we are holding above but remain under bearish pressure at 1.65900, the current resistance level.
This could lead to a new test of today’s support. A longer hold creates stronger pressure, leading to a breakout below and a new low. Potential lower targets are 1.65400 and 1.65200 levels. In the zone around 1.65200, we come across the EMA200 moving average, and there we expect the next new support and a new continuation on the bullish side.
EURNZD chart analysis
At the start of this week, EURNZD broke last week’s bearish structure and started a bullish trend. That led to a jump this morning to the 1.76400 level. We stopped there and, from there, started a pullback to support at the 1.75850 level. We are now testing 1.76000 and under bearish pressure to break this morning’s support and fall to a new daily low. Potential lower targets are 1.75750 and 1.75500 levels.
The pair receives additional support at the 1.75500 level in the EMA200 moving average. We need to stabilize above the 1.76200 level for a bullish option with a new positive consolidation. After that, we will be in a good position to test this week’s high. Potential higher targets are 1.76500 and 1.76600 levels. It will be interesting tomorrow in the Asian session after the announcement of the Reserve Bank of New Zealand on the future interest rate.
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