AUD/USD declined below the 0.6500 and 0.6460 support levels. NZD/USD is also moving lower and might extend losses below 0.5935.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above the 0.6500 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6460 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD declined steadily from the 0.6000 resistance zone.
- There is a major bearish trend line forming with resistance at 0.5960 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6520 zone. The Aussie Dollar started a fresh decline below the 0.6500 support against the US Dollar.
The pair even settled below 0.6460 and the 50-hour simple moving average. There was a clear move below 0.6450. A low was formed at 0.6435 and the pair is now consolidating.
On the upside, an immediate resistance is near the 0.6460 level and the 23.6% Fib retracement level of the downward move from the 0.6537 swing high to the 0.6435 low.
The next major resistance is near the 0.6485 zone or the 50% Fib retracement level of the downward move from the 0.6537 swing high to the 0.6435 low, above which the price could rise toward 0.6515.
Any more gains might send the pair toward the 0.6535 resistance. A close above the 0.6535 level could trigger another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6600.
On the downside, initial support is near the 0.6435 zone. The next support sits at 0.6410. If there is a downside break below 0.6410, the pair could extend its decline. The next support could be 0.6350. Any more losses might send the pair toward the 0.6320 support.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6030 zone. The New Zealand Dollar gained bearish momentum against the US Dollar.
The pair settled below the 0.5960 level and the 50-hour simple moving average. Finally, it tested the 0.5930 zone and is currently consolidating.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5929 low at 0.5960. There is also a major bearish trend line forming with resistance at 0.5960.
The next resistance is the 0.5985 level or the 50% Fib retracement level of the downward move from the 0.6031 swing high to the 0.5929 low. If there is a move above 0.5985, the pair could rise toward 0.6030.
Any more gains might open the doors for a move toward the 0.6080 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5930 level.
The next major support is near the 0.5910 zone. If there is a downside break below 0.5880, the pair could extend its decline toward the 0.5850 level. The next key support is near 0.5820.
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