EURAUD Analysis: A Potential Bounce Back Above 1.78000
- On Thursday and Friday we saw EURAUD retreat from 1.66982 to 1.65800 level.
- During the previous Asian trading session, EURNZD traded in the 1.77500-1.78000 range.
EURAUD chart analysis
On Thursday and Friday we saw EURAUD retreat from 1.66982 to 1.65800 level. At that level, we come across EMA200, and with its support, we start growth and recovery. During the Asian trading session, the pair climbed up to 1.66400 and is well on its way to continuing further to the bullish side. By crossing above the 1.66600 level, we will form a two-day high and thus confirm that we are returning to the bullish trend.
Potential higher targets are 1.66800 and 1.67000 levels. If there is a slowdown and we go below 1.66200, it would mean that we are turning to the bearish side again. That would bring us down to test the Asian low at the 1.66100 level. A break below pulls us to 1.66000, and there we are close to the EMA200, which was our support on Friday. Potential lower targets are 1.65800 and 1.65600 levels.
EURNZD chart analysis
During the previous Asian trading session, EURNZD traded in the 1.77500-1.78000 range. And now we are in that zone expecting to see a continuation to the bullish side with the formation of a new high. Last week’s high was at the 1.78388 level. Potential higher targets are 1.78500 and 1.78750 levels.
If we were to retreat below the 1.77500 level and break through the Asian low, that would signal us to move towards a bigger pullback and lean towards the bearish side. Potential lower targets are 1.77000 and 1.76750 levels. Additional support at the 1.76750 level is the EMA200 moving average, and we expect to stop there or at least consolidate before moving on.
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