- Yesterday, the EUR/AUD fell to a new weekly low of 1.64410.
- On Wednesday and Thursday, the euro fell against the New Zealand dollar from 1.78700 to 1.76273.
EURAUD chart analysis
Yesterday, the EUR/AUD fell to a new weekly low of 1.64410. After support at this level, we started to recover to the 1.65500 level. There, we encounter new resistance and turn again to the downside, returning again to the support area. We are currently able to hang in there and take the first step to the upside by moving up to the 1.64580 level.
To remove the downward pressure, we need to continue the bullish stability and return above the 1.65000 level. Possible higher targets are 1.65200 and 1.65400 levels. If we fail to do so, the EUR/AUD will be forced to another test of the weekly low. New pressure could easily break below the support level and form a new low. Possible lower targets are 1.64200 and 1.64000 levels.
EURNZD chart analysis
On Wednesday and Thursday, the euro fell against the New Zealand dollar from 1.78700 to 1.76273. Then, with a strong bullish wave, we return above 1.77000 and rise to a new high for the day at the level of 1.77500. There we face new resistance and start a bearish consolidation at the level of 1.76750. We are very close to testing weekly support again. A stronger impulse could lead to a break below and the formation of a new weekly low.
Possible lower targets are 1.76200 and 1.76000 levels. For a bullish option, the pair must first move above the 1.77000 level. Then, we need to form a new low there. With the new support level, we have the opportunity to start an upward consolidation and break out of the uncomfortable zone for the Euro. Possible higher targets are 1.77200 and 1.77400 levels.
