EURAUD and EURNZD: EURAUD on the positive side today
- Today’s EURAUD movement formed a higher low this morning compared to Thursday.
- During this morning’s Asian trading session, EURNZD rose to 1.78848 level.
EURAUD chart analysis
Today’s EURAUD movement formed a higher low this morning compared to Thursday. This is a positive sign for us, as we could see the launch of a bullish option next week. The pair is back above the EMA 200 moving average and has its support for further recovery. We now need an impulse to the 1.61000 level in order to break the previous high and form a new weekly high.
Potential higher targets are the 1.61100 and 1.61200 levels. For a bearish option, we need to initiate a negative consolidation and move down to the 1.60500 level. This is where we will test this morning’s low. EURAUD could easily move to a lower level if the testing is prolonged. Potential lower targets are 1.60400 and 1.60300, this week’s support zone.
EURNZD chart analysis
During this morning’s Asian trading session, EURNZD rose to 1.78848 level. After forming this morning’s high, the pair initiated a pullback to the 1.78100 support level. We managed to get support and stop further retreats. The EMA 50 moving average, which is at 1.78000, may have had an impact. With the return above 1.78300, we are back on the positive side above the daily open price.
Such a move could push the momentum to this morning’s high. Potential higher targets are 1.78500 and 1.79000 levels. We need a negative consolidation and pullback below the 1.78000 level for a bearish option. With that, we move below the EMA 50 to the bearish side. After that, we can expect a further pullback to a new low. Potential lower targets are 1.77500 and 1.77000 levels.
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