EURAUD and EURNZD: Euro in retreat against AUD and NZD
In the first two days of this week, the EURAUD moved in the 1.65100-1.65600 range. EURNZD has been in a sideways consolidation since the beginning of this week in the 1.76950-1.77500 range.EURAUD chart analysis
In the first two days of this week, the EURAUD moved in the 1.65100-1.65600 range. We expect the EMA200 moving average to approach us soon, and we could see stronger momentum afterwards. Moving above the EMA200 pair would release the moving average’s bearish pressure. It would be much easier to initiate a bullish consolidation and continue the recovery. Potential higher targets are the 1.65800 and 1.66000 levels.
We need a pullback Below the 1.65100 support level for a bearish option. With that move, we break through this week’s support zone. The Euro falls under pressure while the Australian dollar is relieved. Potential lower targets are 1.64900 and 1.64800 levels.
EURNZD chart analysis
EURNZD has been in a sideways consolidation since the beginning of this week in the 1.76950-1.77500 range. EMA200 is in the middle of this channel, giving us a neutral signal. The current pressure is the lower support level, which could produce a drop below and form a new weekly low. Potential lower targets are 1.76800 and 1.76600 levels.
We need a positive consolidation and a return to the resistance zone above the 1.77400 level for a bullish option. With that step, I am getting closer to a breakthrough above the 1.77500 level. Then, we would have to stay above and confirm the new position. After that, we can start to grow to higher levels. Potential higher targets are the 1.77600 and 1.77700 levels.
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