EURAUD and EURNZD: EURAUD seeks refuge below 1.62000

EURAUD chart analysis

A new weekly low for EURAUD was formed today at the 1.61500 level. We are still very close to that level, remaining under bearish pressure. There is a high probability that we will continue to pull back to a new weekly lower low. Potential lower targets are 1.61400 and 1.61200 levels.

We need a new positive consolidation above the 1.62000 level for a bullish option. In that zone, we will have to test the EMA50 moving average. If we manage to stabilize above that level, we will have the opportunity to initiate further recovery on the bullish side. Potential higher targets are 1.62400 and 1.62600 levels. Additional pressure on the EURAUD in the 1.62800 zone is the EMA200 moving average.

EURNZD chart analysis

Last night, EURNZD pulled back to a new weekly low at the 1.73930 level. During this morning’s Asian trading session, the pair managed to recover to 1.74800 levels. This is where we encounter new resistance and return below the EMA50 moving average. A return below strengthens the bearish momentum and brings the pair down to the daily open price at the 1.74100 level. We are below the bottom line to slide below again and form a new low.

Potential lower targets are 1.73800 and 1.73600 levels. For a bullish option, we need a new positive consolidation and a return to the zone of 1.74800 levels. A push above 1.75000 would be the next move to the bullish side. Potential higher targets are 1.75200 and 1.75400 levels. Additional support could be found in the EMA200 moving average around 1.75400.

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