EURAUD and EURNZD: EURNZD is testing resistance at 1.79500

EURAUD chart analysis

EURAUD has been in a bullish consolidation since Thursday from the 1.62794 level. We climbed to the 1.63500 level on Monday, forming the current weekly high. We see a formation with higher lows on the lower side in the bullish channel. The pair receives the support of the EMA50 moving average, which further strengthens the optimism for a continuation to the bullish side.

In the zone of 1.63350 levels, we meet the EMA200 moving average and must also jump over it for further continuation of EURAUD recovery. Potential higher targets are 1.63600 and 1.63700 levels. We need a negative consolidation and a drop below the 1.63100 weekly open price for a bearish option. With that, we move to the negative side, and a stronger bearish momentum occurs. Potential lower targets are 1.63000 and 1.62900 levels.

EURNZD chart analysis

In the first two days of this week, EURNZD tries to break above the 1.79500 level. Additional pressure in that zone makes the EMA200 moving average. On the downside, we have support at the 1.78930 weekly open price. This morning, we tested that level, after which, with two bullish impulses, we returned up to the 1.79400 level and the EMA200. For now, we are holding very close and expect a new impulse that would take us above 1.79500.

Potential higher targets are 1.79600 and 1.79700 levels. We need a negative consolidation and pullback below the 1.79200 level for a bearish option. With that, we turn to the bearish side and this morning’s low. If the pressure continues, we will quickly see a decline and testing of the weekly open price. Potential lower targets are 1.78800 and 1.78700 levels.

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