- This week we saw a strong bullish consolidation for the EUR/AUD from 1.64855 to 1.66982.
- Since the beginning of this week, the EUR/NZD has moved strongly to the upside.
EURAUD chart analysis
This week we saw a strong bullish consolidation for the EUR/AUD from 1.64855 to 1.66982. A weekly high was formed yesterday, after which we stopped there and started to pull back to the 1.66000 level. This bottom was formed during the Asian trading session this morning. For now, we have managed to stay above and hope to start a new upward consolidation. We made one attempt but stopped at 1.66600.
We need negative consolidation and a drop below 1.66000 for a bearish option. That would be a tangible move to the downside. This would mark a new daily low, and the Euro would have to fall to lower levels under pressure. Possible lower targets are 1.65800 and 1.65600 levels. Additional support is the EMA200 moving average at around 1.65800.
EURNZD chart analysis
Since the beginning of this week, the EUR/NZD has moved strongly to the upside. On Tuesday morning, we received news from the Reserve Bank of New Zealand that interest rates would remain at the same level as before, sparking a strong bullish wave. The pair rose from 1.75500 to 1.77000. After that, we saw some consolidation that continued to the upside to the 1.78000 level. Yesterday, there was another continuation and growth to a new weekly high of 1.78388.
EUR/NZD stops there and starts to fall below the 1.78000 level first. Today's movement falls within the narrow 1.77400-1.77750 range, and we can expect a new strong driving wave in some directions. A return above 1.78000 will allow us to think about jumping to a new weekly high. A drop below the 1.77000 level will have a negative impact on this pair, and will direct it towards lower support levels. Possible lower targets are 1.76750 and 1.76500 levels. Further decline can be stopped at the EMA200 at 1.76500.
