EURAUD & EURNZD: A 7-Day Bullish Trend Above 1.65000 Level
EURAUD & EURNZD: A 7-Day Bullish Trend Above 1.65000 LevelThe EURAUD pair is in a seven-day bullish trend after last Tuesday’s drop to the 1.63500 level. EURNZD is in a bullish consolidation since last Tuesday with 1.75993 levels.
EURAUD chart analysis
The EURAUD pair is in a seven-day bullish trend after last Tuesday’s drop to the 1.63500 level. There, we got a pdorška, and with bullish consolidation, we moved above EMA200 and 1.65000 levels. The growth did not stop there because we started to form a new high at the 1.66060 level.
We stop there and then start pulling back to the support we get at the EMA200 and 1.65000 levels. Resistance becomes support, and we are looking at a new bullish consolidation and a new jump on Monday to the 1.66000 level.
After that, Monday was spent in a slight pullback as we awaited the Reserve Bank of Australia’s decision on future interest rates. The news was announced this morning, and the RBA left the interest rate at the same level as before at $4.35%.
This initially gave strength to the Australian dollar, but the euro took over as time passed. Support at 1.65000 and EMA200 could determine the future movement of this pair.
EURNZD chart analysis
EURNZD is in a bullish consolidation since last Tuesday with 1.75993 levels. On Friday, we saw a jump above the EMA200, and momentum took us up to the 1.78000 level. At the opening of the market on Sunday evening, the pair jumps to 1.78099 and forms this week’s high there. We started to pull back to support at the 1.77200 level and the EMA200 moving average from that level.
During the Asian session, the pair breaks below and falls to the 1.77000 level. We successfully get support at that level start a bullish consolidation, and return above the EMA200 level. We now expect to see a continuation of this consolidation and break through the 1.77600 resistance level. Potential higher targets are 1.77800 and 1.78000 levels.
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