EURAUD and EURNZD: EURNZD makes a break above 1.79000
- Monday was quiet for the EURAUD, and we moved in the 1.65750-1.66000 range.
- On Tuesday, EURNZD climbed to a new weekly high at 1.79715.
EURAUD chart analysis
Monday was quiet for the EURAUD, and we moved in the 1.65750-1.66000 range. During this morning’s Asian trading session, the pair initiated a bullish consolidation up to 1.66803, thus forming a new weekly high. We then stopped at that level and pulled back to the 1.66450 level.
For now, we are holding in that zone and need a break below to continue on the bearish side. Potential lower targets are 1.66250 and 1.66000 levels. We need to get back above the 1.66600 level for a bullish option and try to hold up there. If we succeed, we will have an opportunity to test the previous high. Potential higher targets are 1.66800 and 1.67000 levels.
EURNZD chart analysis
On Tuesday, EURNZD climbed to a new weekly high at 1.79715. We were very close to reaching the 1.80000 level. After that, the pair begins to move away from the previous high and begins to retreat. We are currently at the 1.79280 level and trying to stabilize here. We are under some bearish pressure, which could lead to a drop below.
Below, we have stronger support in the zone around the 1.79000 level. Potential lower targets are the 1.78800 and 1.78600 levels. The EURNZD would have to remain above the 1.79500 level for a bullish option. There, we would be better positioned to test the previous high. With a break above, we go to the 1.79800 level. Potential higher targets are the 1.80000 and 1.80100 levels.
