EURAUD and EURNZD: EURAUD faces resistance at 1.63300 level
- During this morning’s Asian trading session, the EURAUD climbed to a new weekly high of 1.63267.
- Since the beginning of this week, EURNZD has been moving into a bullish consolidation.
EURAUD chart analysis
During this morning’s Asian trading session, the EURAUD climbed to a new weekly high of 1.63267. We stopped there, which led to a pullback to the 1.62800 level. We are sliding below the EMA200 moving average, which could increase the bearish pressure. At the current level, we have the support of the EMA50 moving average, but bearish momentum prevails, which could bring us down to a new low.
Potential lower targets are 1.62600 and 1.62400 levels. In the zone of 1.62400, we will test the weekly open price, hoping to stay above. It would be good to get back above the EMA200 and the 1.63000 level for a bullish option. After that, we can expect the start of a new bullish consolidation and recovery to the bullish side. Potential higher targets are 1.63200 and 1.63400 levels.
EURNZD chart analysis
Since the beginning of this week, EURNZD has been moving into a bullish consolidation. We received support yesterday at the 1.77200 level and started a recovery. During this morning’s Asian trading session, we break above the 1.78000 level and continue to 1.78200. We expect this consolidation to take us up to 1.78300, where we will test the EMA200 moving average. If we manage to move above, potential higher targets are 1.78400 and 1.78500 levels.
We need a negative consolidation for EURNZD and a return below the 1.78000 level for a bearish option. After that, we can hope for a return to the 1.77800 support level and the daily open price. Increased bearish pressure would have an impact by pushing us below to a new daily low. This confirms that we are on the bearish side. Potential lower targets are 1.77600 and 1.77400 levels.
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