- During the Asian trading session this morning, the EUR/AUD continued its previous downtrend.
- Since the beginning of this week, the EUR/NZD has been in a bearish consolidation mode.
EURAUD chart analysis
During the Asian trading session this morning, the EUR/AUD continued its previous downtrend. We failed to move above 1.64500 and the EMA50. This led to a shift to the downside and a drop to a new weekly low at 1.64030. We also fell below last week's low, confirming the downward pressure on the Euro. Possible lower targets are 1.63800 and 1.63600 levels.
To be bullish, we have to move above 1.64600 and approach the weekly opening price at 1.64700. If we have the strength to move above 1.64700, we turn to the upside and head further to 1.65000, where the EMA200 is waiting for us. Possible higher targets are 1.65200 and 1.65400 levels.
EURNZD chart analysis
Since the beginning of this week, the EUR/NZD has been in a bearish consolidation mode. Today, we drop to a new weekly low at 1.79454 and break last week, forming a lower low. There is increasing pressure on the euro to continue this trend. Possible lower targets are 1.79400 and 1.79200 levels. Since the end of February, this pair has been moving in a strong upward trend, and it is likely that we will see a larger correction in the coming period.
We need a positive reinforcement and a return to the 1.80000 level for a bullish option. This is where we will test the EMA200 moving average. By moving above it and staying above it, we increase the chances of seeing a move to the upside. Possible higher targets are 1.80200 and 1.80400 levels.
