EUR/AUD and EUR/NZD: The euro is recovering on both fronts
- Yesterday we saw the EUR/AUD grow above 1.66000 from 1.64850.
- At the beginning of this week, EUR/NZD broke through last week's downward structure and started an uptrend.
EURAUD chart analysis
Yesterday we saw the EUR/AUD grow above 1.66000 from 1.64850. During the previous Asian trading session, we managed to rise to the 1.66270 level. There, we form a new weekly high and stop at this level. This was then followed by negative consolidation and a pullback to support at 1.65500. For now, we are holding higher but remain under downward pressure at 1.65900, the current resistance level.
This could lead to a new test of support today. Holding longer creates stronger pressure, leading to a breakout below and a new low. Possible lower targets are 1.65400 and 1.65200 levels. In the area around 1.65200, we face the EMA200, and there we expect the next new support and a new continuation on the upside.
EURNZD chart analysis
At the beginning of this week, EUR/NZD broke through last week's downward structure and started an uptrend. This led to a jump this morning to the 1.76400 level. We stopped there, and from there we started to pull back to support the 1.75850 level. We are now testing the 1.76000 level and are under downward pressure to break morning support and fall to a new daily low. Possible lower targets are 1.75750 and 1.75500 levels.
The pair is receiving additional support at the 1.75500 level of the EMA200. We need stability above 1.76200 for a bullish option with new positive consolidation. After that, we will be in a good position to test this week's high. Possible higher targets are 1.76500 and 1.76600 levels. It will be interesting tomorrow in the Asian session after the Reserve Bank of New Zealand announces its future interest rate.
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