AUD/NZD is facing major resistance near the 1.0985 zone. EUR/GBP broke a crucial support at 0.8720 and might continue to move lower.
Important Takeaways for AUD/NZD and EUR/GBP Analysis
· The Aussie Dollar started a recovery wave from the 1.0600 support against the New Zealand Dollar.
· There is a key bullish trend line forming with support near 1.0600 on the weekly chart of AUD/NZD at FXOpen.
· EUR/GBP started a major decline from the 0.9000 resistance zone.
· It traded below a major bullish trend line with support near 0.8720 on the weekly chart at FXOpen.
AUD/NZD Technical Analysis
On the weekly chart of AUD/NZD at FXOpen, the pair found support near 1.0500. The Aussie Dollar formed a base above the 1.0600 pivot level against the New Zealand Dollar.
There was a decent increase above the 23.6% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. Earlier this year, the pair even pumped above the 1.0920 resistance zone.
However, the bears were active near the 50% Fib retracement level of the downward move from the 1.1489 swing high to the 1.0479 low. The pair declined and revisited the 1.0600 support. It is again moving higher toward the 50-week simple moving average at 1.0920.
On the AUD/NZD chart, the pair could struggle to surpass 1.0920 and 1.0985. Only a successful daily close above 1.0985 might start a strong increase. The next major resistance sits near the 1.1100 level.
On the downside, the first major support is near a key bullish trend line at 1.0600. The next major support is near the 1.0300 level, below which the pair may perhaps extend its decline toward the 1.0150 level. Any more losses might call for a move toward the 1.0000 level.
EUR/GBP Technical Analysis
On the weekly chart of EUR/GBP at FXOpen, the pair started a major decline from the 0.9000 zone. The Euro declined below the 0.8880 pivot level to move into a bearish zone against the British Pound.
More importantly, it traded below a major bullish trend line with support near 0.8720. The pair is now trading below the 50-week simple moving average and the 50% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
It seems like the pair might continue to move lower toward the 0.8440 support considering the RSI dipped below 50. It coincides with the 76.4% Fib retracement level of the upward move from the 0.8202 swing low to the 0.9236 high.
The next major support is near 0.8200, below which EUR/GBP might decline toward the 0.8000 support zone. Any more losses could open the doors for a drop toward the 0.8000 level.
Immediate resistance on the EUR/GBP chart is near the 50-week simple moving average at 0.8720. The next major resistance on the upside is near the 0.8880 level.
A successful close above 0.8880 could start a solid upward move toward the 0.9200 resistance. Any more gains might send the pair toward the 0.9500 level.
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