EURAUD and EURNZD: EURNZD could slip to a new weekly low

• During this morning’s Asian trading session, EURAUD dropped to a new weekly low at 1.64926.
• During this morning’s Asian trading session, EURNZD retreated to 1.83400 and formed a weekly low there. 

EURAUD chart analysis

During this morning’s Asian trading session, EURAUD dropped to a new weekly low at 1.64926. After that, the pair managed to maintain itself there and initiate a recovery to the 1.65680 level. Here, we encounter new resistance and make a slight pullback to the 1.65450 level. We could soon test the EMA 50 moving average. A fall below that line would strengthen the bearish option, after which we can expect a return to this morning’s support zone.

Potential lower targets are 1.64800 and 1.64600 levels. We need a positive EURAUD consolidation above the 1.65600 level for a bullish option. Thus, the pair climbs to a new daily low and could test the weekly open price at 1.65800. A new impulse would quickly move us to a new high and confirm the transfer to the bullish side. Potential higher targets are 1.66000 and 1.66200 levels.

EURNZD chart analysis

During this morning’s Asian trading session, EURNZD retreated to 1.83400 and formed a weekly low there. After that, we saw the initiation of a bullish consolidation up to the 1.83940 level. There, we encountered new resistance and turned again to the bearish side. The EMA 50 moving average created additional pressure on the pair. EURNZD is again looking towards the previous low and could slide to a new one.

Potential lower targets are the 1.83400 and 1.83200 levels. For a bullish option, we need a positive consolidation and a return above the 1.84000 level. With the new support of the EMA 50 moving average, we will have a new opportunity to start the recovery on the bullish side. Potential higher targets are the 1.84200 and 1.84400 levels. This week’s high is another step up at 1.84533.