EURAUD and EURNZD: EURNZD is under strong bearish pressure

EURAUD chart analysis

On Wednesday, we saw EURAUD drop to 1.62230 level. We were close to testing last week’s low at the 1.62182 level. New support in that zone brings us back above the 1.62600 level, which we tested several times yesterday. On the upside, we had resistance at the 1.63100 level and the EMA200 moving average. Today we are still below those levels, but with a bullish consolidation from 1.62712. We are currently at 1.26900 and trying to start a new recovery.

Potential higher targets are 1.63100 and 1.63200 levels. In the 1.63100 zone, we test the EMA200 and the weekly open price. We need a drop below the EMA50 moving average and the 1.62800 level for a bearish option. This brings us back under stronger bearish pressure, and we can expect to start a further pullback. Potential lower targets are 1.62600 and 1.62400 levels.

EURNZD chart analysis

During this morning’s Asian trading session, EURNZD retreated to 1.77366 levels. The pair falls to a three-month low. For now, we managed to stay there and slightly move up to the 1.77627 level. We need a new impulse to the 1.77900 level in order to get hold of the EMA50 moving average. With the support of EMA50, it will be easier for us to start further recovery.

Crossing above the 1.78000 level, we would have significantly moved away from the weekly low. Potential higher targets are 1.78200 and 1.78400 levels. We need a negative consolidation and a pullback down to the 1.77400 level for a bearish option. New pressure could make us see a new impulse below to a new lower low. Potential lower targets are 1.77200 and 1.77000 levels.

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