Economy

EURAUD and EURNZD: New low for EURAUD at 1.62182 level

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EURAUD and EURNZD: New low for EURAUD at 1.62182 level

During this morning’s Asian trading session, EURAUD retreated to 1.62182 levels. 
Last week, this year’s new high for EURNZD was formed at the 1.81568 level.

EURAUD chart analysis

During this morning’s Asian trading session, EURAUD retreated to 1.62182 levels. A new three-month low was formed at that level. After that, we see support in that zone and with a bullish impulse we start a recovery to the 1.63300 level. This impulse is because the Reserve Bank of Australia left the interest rate at the same level as last time. We now expect support above the 1.62850 level and the EMA50 moving average.

It will be easier to start a new positive consolidation from the new support level. Potential higher targets are 1.63500 and 1.64000 levels. Additional resistance in the 1.63500 zone is the EMA200 moving average. We need negative consolidation and a return to this morning’s support zone for a bearish option. New pressure could push the EURAUD below to a new weekly low. Potential lower targets are 1.62200 and 1.62000 levels.

EURNZD chart analysis

Last week, this year’s new high for EURNZD was formed at the 1.81568 level. After that, the pair retreats and falls to the 1.78514 level on Friday. We get new support below and initiate a bullish consolidation. This week’s high for EURNZD is at the 1.79500 level. On the lower side, we have a picture of the formation of higher lows, which confirms that we could see a continuation to the bullish side.

Potential higher targets are 1.79500 and 1.80000 levels. We need a negative consolidation and pullback below the 1.79000 level for a bearish option. Thus, we move below the weekly open price and are under bearish pressure to start a further pullback. Potential lower targets are 1.78500 and 1.78000 levels.

 

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