- EUR/AUD has been sideways consolidating for the first four days of this week in the 1.65100-1.65600 range.
- EUR/NZD rose to a new March high on Friday at 1.78854.
EURAUD chart analysis
EUR/AUD has been sideways consolidating for the first four days of this week in the 1.65100-1.65600 range. During the Asian trading session this morning, there was a break through the upper level of the channel at 1.65600. The Euro continued to strengthen against the Australian Dollar during the EU session. We saw a retest at 1.65600 and a new bullish impulse to 1.66108 after that. Thus, we rise to a new weekly high.
Possible higher targets are 1.66200 and 1.66300 levels. We need to pull back to the 1.65600 support level for a bearish option. There, we also tested the EMA50, which supported us a few hours ago when retesting the breakout zone. By falling below that, we return to the previous stability zone, and the possible lower targets are 1.65500 and 1.65400.
EURNZD chart analysis
EUR/NZD rose to a new March high on Friday at 1.78854. Since the beginning of today's session, this pair has been moving in a strong upward trend. We started the Asian session at the level of 1.77537, after which we rose to the highest level of the day with strong bullish consolidation. Before that, we were in a sideways consolidation zone in the 1.77000-1.77900 range for four days. If the uptrend continues, possible higher targets are 1.79000 and 1.79100 levels.
We need negative consolidation and a pullback below 1.78200 for a bearish option first. With this move, we have moved significantly away from the previous high. This would increase downward pressure on the Euro to continue its decline. Possible lower targets are 1.78000 and 1.78800 levels. The EMA200 moving average is located in the area around 1.77600 levels.
