- On Thursday and Friday, we saw the euro decline against the Australian dollar from 1.66982 to 1.65800.
- During the previous Asian trading session, EUR/NZD traded in a range of 1.77500-1.78000.
EURAUD chart analysis
On Thursday and Friday, we saw the euro decline against the Australian dollar from 1.66982 to 1.65800. At this level, we encounter the EMA200, and with its support, we begin growth and recovery. During the Asian trading session, the pair rose to 1.66400 and is on track to continue further to the upside. By exceeding the 1.66600 level, we will form the highest level in two days, thus confirming that we are returning to the upward trend.
Possible higher targets are 1.66800 and 1.67000 levels. If there is a slowdown and we get below 1.66200, it means we are turning bearish again. This would lead us to test the Asian bottom at 1.66100. A break below takes us to 1.66000, and there we approach the 200 EMA, which was our support on Friday. Possible lower targets are 1.65800 and 1.65600 levels.
EURNZD chart analysis
During the previous Asian trading session, EUR/NZD traded in a range of 1.77500-1.78000. Now we are in that area and expect to see a continuation of the upside with the formation of a new high. The highest level recorded last week was 1.78388. Possible higher targets are 1.78500 and 1.78750 levels.
If we fall below the 1.77500 level and break the Asian bottom, it will indicate a move towards a larger decline and a bias towards the downside. Possible lower targets are 1.77000 and 1.76750 levels. Additional support at 1.76750 is the EMA200, and we expect it to stop there or at least consolidate before moving forward.
