Market Analysis: AUD/USD and NZD/USD Flash Early Signs of Bullish Recovery

AUD/USD is attempting a fresh increase from 0.7115. NZD/USD is consolidating and could aim for a move above 0.5930 in the short term.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar remained supported above 0.7100 and recovered losses against the US Dollar.
• There is a rising channel forming with resistance at 0.7200 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is consolidating gains above 0.5900 and 0.5890.
• There is a bullish trend line forming with support at 0.5890 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 0.7100. The Aussie Dollar started a decent increase above 0.7150 against the US Dollar to enter a short-term positive zone.

The bulls even pushed the pair above the 50% Fib retracement level of the downward move from the 0.7221 swing high to the 0.7114 low and the 50-hour simple moving average. The AUD/USD chart indicates that the pair could struggle to clear the 61.8% Fib retracement at 0.7180.

The first major hurdle for the bulls could be 0.7200. There is also a rising channel forming with resistance at 0.7200. An upside break above 0.7200 might send the pair further higher. The next major target might be 0.7220.

Any more gains could clear the path for a move toward 0.7300. If there is no close above 0.7200, the pair might start a fresh decline. Immediate bid zone could be near 0.7165 and the 50-hour simple moving average.

The next area of interest is 0.7155. If there is a downside break below 0.7155, the pair could extend its decline toward 0.7115. Any more losses might signal a move toward 0.7080.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed AUD/USD. The New Zealand Dollar failed to stay above 0.5920 and corrected gains against the US Dollar.

The pair dipped below 0.5900 and the 50-hour simple moving average. A low was formed at 0.5848, and the pair is now attempting to recover losses. There was a move above the 50% Fib retracement level of the downward move from the 0.5928 swing high to the 0.5848 low.

Besides, there is a bullish trend line forming with support at 0.5890. The NZD/USD chart suggests that the RSI is above 50, signaling a short-term positive bias. On the upside, the pair is facing resistance near 0.5920.

The next major hurdle for buyers could be near 0.5930. A clear move above 0.5930 might even push the pair toward 0.5950. Any more gains might clear the path for a move toward the 0.6000 pivot zone in the coming sessions.

On the downside, there is support forming near 0.5890 and the 50-hour simple moving average. If there is a downside break below 0.5890, the pair might slide toward 0.5850. Any more losses could lead NZD/USD into a bearish zone to 0.5820.

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