EURAUD and EURNZD: EURNZD drops to new August low
During this morning’s Asian trading session, EURNZD continued its previous retreat.
EURAUD chart analysis
During this morning’s Asian trading session, the EURAUD retreated from the 1.66100 level. Bearish consolidation brought the pair down to 1.65318 levels. There, we formed a new weekly low and stopped further retreat for now. We see the initiation of a recovery to 1.65800, but so far, there is no momentum to move above 1.66200 and reach the EMA 200 moving average.
With the impulse above, the EURAUD would rise to a new weekly high, thereby confirming that it has the strength to start a recovery. Potential higher targets are 1.66400 and 1.66600 levels. For a bearish option, we need a negative consolidation and a retracement below 1.65400. We are close to testing this morning’s low. If there is an increase in bearish momentum, we will see the formation of a new lower low. Potential lower targets are 1.65200 and 1.65000 levels.
EURNZD chart analysis
During this morning’s Asian trading session, EURNZD continued its previous retreat. In the EU session, the pair fell to 1.80696 and formed a new weekly low there. Strong bearish momentum will soon bring us down to a new lower low and extend the bearish trend. Potential lower targets are the 1.80500 and 1.80000 levels.
For a bullish option, we need a new positive consolidation above the 1.81000 level. EURNZD needs to stabilize there before continuing above the EMA 50 moving average and the 1.81500 level. If the pair succeeds in this, it will have the opportunity to climb up to 1.82000 and test the EMA 200 moving average. If the bullish momentum continues, we expect to see momentum above and the formation of a new weekly high. Potential higher targets are 1.82500 and 1.83000 levels.
