EURAUD and EURNZD: EURNZD above 1.7900 level on Friday

• On Wednesday, the EURAUD chart saw the formation of the weekly high at the 1.63834 level.
• EURNZD is still grappling to hold above the significant 1.78500 level.

EURAUD chart analysis

On Wednesday, the EURAUD chart saw the formation of the weekly high at the 1.63834 level. Despite our inability to initiate a further recovery, a pullback was triggered from that level, dipping below the EMA200 and 1.63500 levels.

However, yesterday, we made a valiant effort to hold above the 1.63400 level, but the pressure was too intense, and we continued to fall. Fortunately, during this morning’s Asian session, we found solid support at the 1.62830 level, providing a reassuring sign in the midst of market volatility.

From the support at the 1.62830 level, we managed to recover to 1.63100 and are now striving to secure the EMA50 moving average support.

To kickstart a more robust recovery, we need another impulse. However, once we gain momentum, our potential higher targets are the 1.63400 and 1.63500 levels. In the 1.63400 zone, we anticipate encountering resistance from the EMA200 moving average, but this should not dampen our optimism for the future.

EURNZD chart analysis

EURNZD is still grappling to hold above the significant 1.78500 level. This morning, at the beginning of the Asian session, we had a drop to the 1.78556 level, but we quickly consolidated there and started a bullish consolidation. We managed to get back above 1.79000 and climb above the weekly open price.

We have thus returned to the positive side, which could initiate further recovery. Potential higher targets, which could be of interest to traders and investors, are the 1.79300 and 1.79400 levels.

In the zone of 1.79400, we encounter the EMA200 moving average, a key technical indicator. This encounter will require a bullish impulse for further continuation. We need a negative consolidation and pullback below the weekly open price and the 1.79000 level for a bearish option. With this, we are moving again to the bearish side, and we can expect a further pullback. Potential lower targets, which could be of interest to traders and investors, are 1.78900 and 1.78800 levels.