EURAUD and EURNZD: EURAUD pulled back to level a support
- On Monday, the EURAUD jumped to a new August high of 1.71862.
- EURNZD formed a new high yesterday at the 1.86510 level.
EURAUD analysis chart
On Monday, the EURAUD jumped to a new August high of 1.71862. After that, the pair loses momentum and begins to retreat. During this morning’s Asian trading session, the retreat continued to the 1.67585 level. We get support at this level and start a new bullish consolidation. We have the support of the EMA 50 moving average and hope for further progress to the bullish side.
Potential higher targets are 1.69000 and 1.69500 levels. For a bearish option, we need a negative consolidation and a move down below the 1.67500 level. We are gradually falling below the weekly open price to the negative side. This will strengthen the bearish momentum, and we can expect to see a new weekly low formation. Potential lower targets are 1.67000 and 1.66500 levels. Great support awaits us in the EMA 200 moving average at 1.66500.
EURNZD chart analysis
EURNZD formed a new high yesterday at the 1.86510 level. After that, we saw a stop in the bullish trend and a return down to 1.85000. During this morning’s Asian trading session, the pair retreated to 1.83000, testing that weekly open price. With the new support, a new recovery to the daily high of 1.85000 was initiated. This level again represents an obstacle for us, and the pair starts a new retreat. We are now at 184200 and under slight pressure to continue the pullback.
Potential lower targets are 1.83500 and 1.83000 levels. For a bullish option, we need a positive consolidation above today’s high. If we succeed in this, the space opens to return to the bullish side. Potential higher targets are 1.85500 and 1.86000 levels.
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