EURAUD and EURNZD: EURNZD is getting closer to 1.79000 level

• EURAUD has been in sideways consolidation in the first four days this week in the 1.65100-1.65600 range.
• EURNZD climbed to a new March high on Friday at the 1.78854 level. 

EURAUD chart analysis

EURAUD has been in sideways consolidation in the first four days this week in the 1.65100-1.65600 range. During this morning’s Asian trading session, there is a break above the 1.65600 upper level of the channel. The euro continued to strengthen against the Australian dollar in the EU session. We saw a retest at the 1.65600 level and a new bullish impulse to the 1.66108 level after that. With that, we climb to a new weekly high.

Potential higher targets are 1.66200 and 1.66300 levels. We need a pullback to the 1.65600 support level for a bearish option. There, we also tested the EMA50 moving average, which a few hours ago supported us when retesting the break zone. By falling below, we return to the previous consolidation zone, and the potential lower targets are 1.65500 and 1.65400 levels.

EURNZD chart analysis

EURNZD climbed to a new March high on Friday at the 1.78854 level. Since the start of today’s session, the pair has been in a strong bullish trend. We started the Asian session at the 1.77537 level, after which we rose to today’s high with a strong bullish consolidation. Before that, we were in a lateral consolidation in the 1.77000-1.77900 range for four days. If the bullish trend continues, potential higher targets are the 1.79000 and 1.79100 levels.

We need a negative consolidation and pullback below the 1.78200 level for a bearish option first. With that step, we would have moved significantly away from the previous high. That would increase the bearish pressure on the euro to continue its retreat. Potential lower targets are 1.78000 and 1.78800 levels. EMA200 moving average is in the zone around 1.77600 levels.