EUR/AUD and EUR/NZD: EUR/NZD breaks the 1.79000 level
- Monday was a quiet day for EUR/AUD, we moved in the 1.65750-1.66000 range.
- On Tuesday, EUR/NZD rose to a new weekly high of 1.79715.
EURAUD chart analysis
Monday was a quiet day for EUR/AUD, we moved in the 1.65750-1.66000 range. During the Asian trading session this morning, the pair began to consolidate upwards reaching 1.66803, thus forming a new weekly high. We then stopped at this level and fell to the 1.66450 level.
For now, we are holding in that area and need to break below to continue to the downside. Possible lower targets are 1.66250 and 1.66000 levels. We need to get back above the 1.66600 level to get a bullish option and try to hold there. If we succeed, we will have a chance to test the previous high. Possible higher targets are 1.66800 and 1.67000 levels.
EURNZD chart analysis
On Tuesday, EUR/NZD rose to a new weekly high of 1.79715. We were very close to reaching the 1.80000 level. After that, the pair starts moving away from the previous high and starts to pull back. We are now at 1.79280 and trying to stabilize here. We are under some downward pressure, which could lead to a drop below there.
Below, we have stronger support in the area around the 1.79000 level. Possible lower targets are 1.78800 and 1.78600 levels. EUR/NZD must stay above 1.79500 for a bullish option. There, we will be in a better position to test the previous high. With a break higher, we head towards the 1.79800 level. Possible higher targets are 1.80000 and 1.80100 levels.
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