EURAUD and EURNZD: The euro continues to slide lower
- This week, EURAUD continued last week’s trend by falling to the 1.64513 level
- During this morning’s Asian trading session, EURNZD continued its retreat from the previous day
EURAUD chart analysis
This week, EURAUD continued last week’s trend by falling to the 1.64513 level. During this morning’s Asian trading session, the pair tried to initiate a recovery but encountered resistance at the 1.65000 level. From there, a new bearish consolidation was initiated, which could threaten this week’s low. We are now at 1.64550 and close to breaking to a new lower low. Potential lower targets are the 1.64400 and 1.64200 levels.
For a bullish option, we need to stop this decline and stabilize the EURAUD above 1.64600. If we succeed in this, we could see the initiation of a bullish consolidation. A jump above 1.65000 will get support from the EMA 50 moving average. With the new support, it will be easier for us to start a further war on the bullish side. Potential higher targets are 1.65200 and 1.65400 levels.
EURNZD chart analysis
During this morning’s Asian trading session, EURNZD continued its retreat from the previous day. A new weekly low was formed at 1.80320. the pair is now at the 1.80420 level. If it stays here longer, it could trigger a bearish impulse and drop to a new low. Potential lower targets are 1.80000 and 1.79500 levels. This would form a new August low.
For a bullish option, we need a positive consolidation above the 1.81000 level. This would show that the EURNZD pullback has stopped, and we have a new bottom. After that, we can expect to see the initiation of further recovery and strengthening of the bullish momentum. Potential higher targets are 1.81500 and 1.82000 levels. Additional support at 1.81500 is the EMA 50 moving average.
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