EURAUD and EURNZD: EURNZD is looking to hold above 1.77000
This week’s EURAUD movement took place in the 1.62800-1.63800 range.
During this morning’s Asian trading session, EURNZD encountered resistance at the 1.77200 level.
EURAUD chart analysis
This week, EURAUD has been moving within the 1.62800-1.63800 range. This morning, we were once again near the lower line of this range, reaching up to the 1.62900 level. However, the pair has started a bullish consolidation above the 1.63000 level, indicating a potential upward movement. We are currently at 1.63250 and testing the EMA200 moving average. To reach a new daily high, we need a strong new impulse.
If we manage to move above the EMA200, our potential higher targets are 1.63400 and 1.63600 levels. However, if we fail to do so, a pullback is likely. In that case, we need to watch out for 1.62800, this week’s support level. Any new pressure in that zone could lead to increased volatility and push the EURAUD to a new weekly low. Our potential lower targets in this scenario are 1.62600 and 1.62400 levels.
EURNZD chart analysis
During this morning’s Asian trading session, EURNZD encountered resistance at the 1.77200 level. Additional pressure in that zone was created by the EMA200 moving average, and that level is important to us because it is the weekly open price. After that, the pair begins to retreat to support at the 1.76500 level. It manages to stabilize there and initiate a bullish impulse. We are now in the zone of 1.77000 levels supported by the EMA50 moving average.
We have a new attempt to test the weekly open price and EMA200 and break above them. Potential higher targets are 1.77400 and 1.77600 levels. We need a negative consolidation pullback below the 1.76800 level and the EMA50 moving average for a bearish option. After that, EURNZD had to start pulling back and testing this morning’s support zone. Potential lower targets are 1.76400 and 1.76200 levels.
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