EURAUD and EURNZD: EURNZD rose to 1.78388 level yesterday

• This week, we saw a strong bullish consolidation of EURAUD from 1.64855 to 1.66982 levels.
• Since the start of this week, EURNZD has moved strongly to the bullish side.

EURAUD chart analysis

This week, we saw a strong bullish consolidation of EURAUD from 1.64855 to 1.66982 levels. The weekly high was formed yesterday, after which we stopped there and started a pullback to the 1.66000 level. That low was formed during this morning’s Asian trading session. For now, we manage to stay above and hope to initiate a new bullish consolidation. We had one attempt but stopped at the 1.66600 level.

We need a negative consolidation and a drop below the 1.66000 level for a bearish option. That would be a concrete move to the bearish side. This would form a new daily low, and the euro would have to drop to lower levels under pressure. Potential lower targets are 1.65800 and 1.65600 levels. Additional support is the EMA200 moving average of around 1.65800.

EURNZD chart analysis

Since the start of this week, EURNZD has moved strongly to the bullish side. On Tuesday morning, we had news from the RBNZ that the interest rate would remain at the same level as before, which led to a strong bullish impulse. The pair rose from 1.75500 to 1.77000 level. After that, we saw some consolidation that continued further to the bullish side to the 1.78000 level. Yesterday, there was another continuation and growth to a new weekly high at 1.78388.

EURNZD stops there and starts to pull back below 1.78000 first. Today’s movement is in the narrow range of 1.77400-1.77750, and we could expect a new strong impulse in some direction. A return above 1.78000 would allow us to think about a jump to a new weekly high. A fall below the 1.77000 level would have a negative impact on this pair, directing it towards lower support levels. Potential lower targets are the 1.76750 and 1.76500 levels. Further decline could be stopped at the EMA200 moving average at 1.76500.

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