EURAUD and EURNZD: new monthly low for EURAUD at 1.63700

EURAUD chart analysis

EURAUD is in retreat after climbing to 1.65190 levels on Wednesday. After that, we saw a pullback from there below 1.65000 yesterday, which continued throughout the day. By the end of the day, the pair retreated to the 1.64000 level. During the Asian trading session, we saw an attempt to recover to 1.64200, but this is where we encountered resistance.

Then, we see a new bearish consolidation and descend to a new daily low at the 1.63800 level. For now, we managed to hold above it and get back above the 1.64000 level again. We need another move above 1.64250 to break the EMA50 moving average and increase optimism for a recovery. Potential higher targets are 1.64400 and 1.64500 levels.

EURNZD chart analysis

Since Wednesday evening, EURNZD has been in constant bearish consolidation, with the formation of a new weekly low this morning at the 1.78450 level. During the Asian session, the pair failed to recover above 1.79000, followed by a new weekly low drop. We remain now under bearish pressure to continue further lower. Potential lower targets are 1.87400 and 1.78200 levels.

We need to get back above the 1.79000 level for a bullish option. After that, we would have to stay up there and test the EMA50 moving average. If we manage to move above, we will be in a good position to start further recovery. Potential higher targets are 1.79200 and 1.79400 levels. The EMA200 moving average is slightly higher at 1.79600.

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