EURAUD and EURNZD: EURAUD is looking for support at 1.64400
- Yesterday, EURAUD slipped to a new weekly low at 1.64410 level.
- Wednesday and Thursday brought the EURNZD retreat from 1.78700 to 1.76273 level.
EURAUD chart analysis
Yesterday, EURAUD slipped to a new weekly low at 1.64410 level. After support at that level, we started a recovery to the 1.65500 level. There, we encounter a new resistance and turn again to the bearish side, returning once again to the support zone. We are currently managing to hold there and take the first step to the bullish side by moving up to the 1.64580 level.
To remove the bearish pressure, we need to continue the bullish consolidation and return above 1.65000. Potential higher targets are the 1.65200 and 1.65400 levels. If we fail to do so, the EURAUD will be forced into another test of the weekly low. New pressure could easily break below the support and form a new low. Potential lower targets are the 1.64200 and 1.64000 levels.
EURNZD chart analysis
Wednesday and Thursday brought the EURNZD retreat from 1.78700 to 1.76273 level. After that, with a strong bullish impulse, we return above 1.77000 and grow to a new today’s high at the 1.77500 level. There we encounter a new resistance and start a bearish consolidation at the 1.76750 level. We are very close to testing weekly support again. A stronger impulse could make a breakout below and form a new weekly low.
Potential lower targets are the 1.76200 and 1.76000 levels. For a bullish option, the pair should first move above the 1.77000 level. Then, we need to form a new bottom there. With the new support level, we have the opportunity to initiate a bullish consolidation and move out of the uncomfortable zone for the euro. Potential higher targets are the 1.77200 and 1.77400 levels.
