Market Analysis: AUD/USD and NZD/USD Poised For Fresh Gains
AUD/USD is attempting a fresh increase from the 0.6715 support. NZD/USD is also rising and could target the 0.6090 resistance.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar found support at 0.6715 and recovered higher against the US Dollar.
- There is a major bearish trend line forming with resistance at 0.6740 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is consolidating above the 0.6050 support.
- There was a break above a key bearish trend line with resistance at 0.6060 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair formed a base above 0.6715. The Aussie Dollar started a decent recovery wave above the 0.6725 resistance against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 23.6% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. However, the pair is still below the 50-hour simple moving average.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near the 0.6740 zone. There is also a major bearish trend line forming with resistance at 0.6740.
The first major resistance might be 0.6755 and the 50% Fib retracement level of the downward move from the 0.6793 swing high to the 0.6714 low. An upside break above the 0.6755 resistance might send the pair further higher.
The next major resistance is near the 0.6775 level. Any more gains could clear the path for a move toward the 0.6795 resistance zone.
If not, the pair might correct lower. Immediate support sits near the 0.6725 level. The next support could be 0.6715. If there is a downside break below the 0.6715 support, the pair could extend its decline toward the 0.6660 zone. Any more losses might signal a move toward 0.6640.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed AUD/USD. The New Zealand Dollar formed a base above the 0.6035 level and started a decent increase against the US Dollar.
The pair climbed above the 0.6050 resistance. There was a break above a key bearish trend line with resistance at 0.6060. The pair spiked above the 50-hour simple moving average and tested the 50% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
The NZD/USD chart suggests that the RSI is back above 50 and signaling a positive bias. On the upside, the pair is facing resistance near the 0.6080 zone. The next major resistance is near the 0.6090 level and 61.8% Fib retracement level of the downward move from the 0.6125 swing high to the 0.6033 low.
A clear move above the 0.6090 level might even push the pair toward the 0.6130 level. Any more gains might clear the path for a move toward the 0.6180 resistance zone in the coming days.
On the downside, there is a support forming near the 0.6050 zone. If there is a downside break below the 0.6050 support, the pair might slide toward 0.6035. Any more losses could lead NZD/USD in a bearish zone to 0.6000.
Read more: https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-poised-for-fresh-gains/
Text source: Forex Trading Blog
