AUD/USD started a fresh increase above 0.6550 and 0.6575. NZD/USD is also rising and might aim for more gains above 0.5840.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a decent increase above 0.6575 against the US Dollar.
- There is a key declining channel forming with resistance at 0.6615 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is consolidating gains above the 0.5800 pivot level.
- There is a major bullish trend line forming with support at 0.5815 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 0.6520. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.
There was a close above the 0.6575 resistance and the 50-hour simple moving average. Finally, the pair tested 0.6630. A high was formed near 0.6628 and the pair recently started a consolidation phase. There was a minor decline below 0.6600.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.6520 swing low to the 0.6628 high. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6615 and a key declining channel.
The first major hurdle for the bulls might be 0.6630. An upside break above 0.6630 might send the pair further higher. The next stop is near 0.6650. Any more gains could clear the path for a move toward the 0.6700 handle.
On the downside, initial support is near the 50% Fib retracement at 0.6575. The next area of interest could be 0.6545. If there is a downside break below 0.6545, the pair could extend its decline toward the 0.6520 zone. Any more losses might signal a move toward 0.6500.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a fresh increase from 0.5755. The New Zealand Dollar broke the 0.5790 barrier to start the recent rally against the US Dollar.
The pair settled above 0.5800 and the 50-hour simple moving average. It tested 0.5840 and is currently consolidating gains. There was a minor pullback below 0.5825 and the 23.6% Fib retracement level of the upward move from the 0.5754 swing low to the 0.5842 high.
The NZD/USD chart suggests that the RSI is stable above 50. On the upside, the pair might struggle near 0.5840. The next major resistance is near the 0.5880 level. A clear move above 0.5880 might even push the pair toward 0.5920. Any more gains might clear the path for a move toward the 0.6000 handle in the coming days.
On the downside, immediate support is near the 0.5815 level and a major bullish trend line. The first key zone for the bulls sits at 0.5800 and the 50% Fib retracement. The next key level is 0.5790. If there is a downside break below 0.5790, the pair might slide toward 0.5775. Any more losses could lead NZD/USD into a bearish zone to 0.5755.
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