- During the Asian session this morning, EURAUD continued its previous downtrend.
- Since the beginning of this week, the EURNZD has been in a bearish consolidation.
EURAUD Chart Analysis
During the Asian session this morning, EURAUD continued its previous downtrend. We failed to break above 1.64500 and the EMA50 moving average. This led to a turn to the bearish side and a drop to a new weekly low at the 1.64030 level. We also fell below last week's low, thus confirming the bearish pressure on the euro. The lowest possible targets are the 1.63800 and 1.63600 levels.
To be bullish, we would need to break above 1.64600 and approach the weekly opening price at the 1.64700 level. If we have the strength to break above 1.64700, we will turn to the bullish side and advance to 1.65000, where the EMA200 moving average awaits us. The possible highest targets are the 1.65200 and 1.65400 levels.
EURNZD chart analysis
Since the beginning of this week, the EURNZD has been in a bearish consolidation. Today we fall to a new weekly low at 1.79454 and surpass last week's, forming a lower low. There is increasing pressure on the euro to continue this trend. The lowest possible targets are the 1.79400 and 1.79200 levels. Since late February, this pair has been in a strong uptrend and we may see a larger correction in the coming period.
We need a positive consolidation and a return to the 1.80000 level for a bullish option. This is where we will test the EMA200 moving average. By moving above and staying above it, we increase the chances of seeing a move to the bullish side. The possible highest targets are the 1.80200 and 1.80400 levels.
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