Home Economy EURAUD and EURNZD: EURNZD could again go above 1.77000

EURAUD and EURNZD: EURNZD could again go above 1.77000

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EURAUD and EURNZD: EURNZD could again go above 1.77000

EURAUD continues its retreat this week. 
The pair EURNZD has been in a bullish consolidation since the beginning of this week. 

EURAUD chart analysis

EURAUD continues its retreat this week. Yesterday, we saw a drop to a new seven-day low at 1.60266. After that, the pair initiates a recovery up to 1.60900, where it encounters the EMA 200 moving average. We did not have the strength to move above, and we started bearish consolidation with today’s low at 1.60400 level. The pair regains support at that level and climbs to 1.60650 to the EMA 50 moving average.

To remove the bearish pressure and continue the recovery, we need a bounce above the EMA 200. Potential higher targets are the 1.61000 and 1.61100 levels. For a bearish option, we need a negative consolidation and a move down to the 1.60300 level. This puts pressure on the weekly low, and we could see an impulse to a lower new one. Potential lower targets are the 1.60200 and 1.60100 levels.

 

EURNZD chart analysis

The pair EURNZD has been in a bullish consolidation since the beginning of this week. We saw a push above the EMA 50 moving average yesterday and have been in a bullish trend ever since. During this morning’s Asian session, the pair rose to the 1.77000 level, forming a weekly high there. There are good chances to continue on the bullish side and skip Friday’s high.

Potential higher targets are the 1.77200 and 1.77400 levels. For a bearish option, we need a negative consolidation below the EMA 50 moving average and the 1.76650 level. After that, EURNZD will be under pressure to go down to the EAM 200 and the weekly open price at 1.76400. The impossibility of holding on there will affect the pair’s continuation below to the negative side. Potential lower targets are the 1.76000 and 1.75800 levels.

 

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