Market Analysis: AUD/USD and NZD/USD Could Continue Higher
AUD/USD is correcting gains from the 0.6700 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6200.
Important Takeaways for AUD USD and NZD USD Analysis Today
· The Aussie Dollar started a downside correction from 0.6700 against the US Dollar.
· There is a key bullish trend line forming with support at 0.6645 on the hourly chart of AUD/USD at FXOpen.
· NZD/USD is gaining pace above the 0.6145 support zone.
· There is a major bullish trend line forming with support at 0.6170 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6590 support. The Aussie Dollar was able to clear the 0.6630 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6645 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6700 zone. A high was formed near 0.6698 and the pair is now correcting gains.
There was a move below the 0.6670 level. The pair declined below the 50% Fib retracement level of the upward move from the 0.6590 swing low to the 0.6698 high. On the downside, initial support is near a key bullish trend line at 0.6645.
The next major support is near the 61.8% Fib retracement level of the upward move from the 0.6590 swing low to the 0.6698 high at 0.6630.
If there is a downside break below the 0.6630 support, the pair could extend its decline toward the 0.6590 level. Any more losses might signal a move toward 0.6520.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6670. The first major resistance might be 0.6700. An upside break above the 0.6700 resistance might send the pair further higher.
The next major resistance is near the 0.6720 level. Any more gains could clear the path for a move toward the 0.6750 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6085 zone. The New Zealand Dollar broke the 0.6130 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6145 and the 50-hour simple moving average. It tested the 0.6200 zone and is currently correcting gains. The pair corrected lower below the 0.6170 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.6088 swing low to the 0.6198 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the downside, there is major support forming near 0.6170 and a trend line.
The next major support is near the 50% Fib retracement level of the upward wave from the 0.6088 swing low to the 0.6198 high at 0.6145.
If there is a downside break below the 0.6145 support, the pair might slide toward the 0.6130 support. Any more losses could lead NZD/USD in a bearish zone to 0.6088.
On the upside, the pair might struggle near 0.6200. The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6250 level. Any more gains might clear the path for a move toward the 0.6320 resistance zone in the coming days.
Read more: https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-could-continue-higher/
Text source: Forex Trading Blog
