Market Analysis: AUD/USD & NZD/USD Rebound: Signs of Trend Shift?
AUD/USD started a decent increase above the 0.6200 and 0.6240 levels. NZD/USD is also rising and might aim for more gains above 0.5700.
Important Takeaways for AUD USD and NZD USD Analysis Today
· The Aussie Dollar rebounded after forming a base above the 0.6100 level against the US Dollar.
· There was a break below a connecting bullish trend line with support at 0.6255 on the hourly chart of AUD/USD at FXOpen.
· NZD/USD is consolidating gains above the 0.5600 zone.
· There is a key declining channel forming with resistance at 0.5680 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 0.6090 support. The Aussie Dollar was able to clear the 0.6170 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6240 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6300 zone. A high was formed near 0.6301 and the pair recently saw a minor pullback.
There was a move below the 0.6300 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6088 swing low to the 0.6301 high. Besides, there was a break below a connecting bullish trend line with support at 0.6255.
On the downside, initial support is near the 0.6240 level. The next major support is near the 0.6195 zone or the 50% Fib retracement level of the upward move from the 0.6088 swing low to the 0.6301 high.
If there is a downside break below the 0.6195 support, the pair could extend its decline toward the 0.6170 level. Any more losses might signal a move toward 0.6090.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6270. The first major resistance might be 0.6300. An upside break above the 0.6300 resistance might send the pair further higher.
The next major resistance is near the 0.6335 level. Any more gains could clear the path for a move toward the 0.6380 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.5515 zone. The New Zealand Dollar broke the 0.5600 resistance to start the recent increase against the US Dollar.
The pair settled above 0.5630 and the 50-hour simple moving average. It tested the 0.5700 zone and is currently correcting gains. The pair corrected lower below the 0.5660 level. However, the bulls are active above the 0.5630 level.
The NZD/USD chart suggests that the RSI is now moving higher toward 50. On the upside, the pair might struggle near 0.5660. The next major resistance is near the 0.5680 level. There is also a key declining channel forming with resistance at 0.5680.
A clear move above the 0.5680 level might even push the pair toward the 0.5700 level. Any more gains might clear the path for a move toward the 0.5750 resistance zone in the coming days.
On the downside, immediate support is near the 0.5630 level. The first key support is near the 50% Fib retracement level of the upward move from the 0.5516 swing low to the 0.5702 high. The next major support is near the 0.5560 level.
If there is a downside break below the 0.5560 support, the pair might slide toward the 0.5515 support. Any more losses could lead NZD/USD in a bearish zone to 0.5440.
Read more: https://fxopen.com/blog/en/aj-market-analysis-aud-usd-nzd-usd-rebound-signs-of-trend-shift/
Text source: Forex Trading Blog
