Market Analysis: AUD/USD and NZD/USD Attempt Another Recovery

FXOpen

AUD/USD is eyeing a steady increase above the 0.6555 resistance. NZD/USD is also rising and could extend its increase above the 0.6000 resistance zone.

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

· The Aussie Dollar is moving higher from the 0.6465 zone against the US Dollar.

· There is a connecting bullish trend line forming with support at 0.6555 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is showing positive signs above the 0.5925 support.

· There is a key bullish trend line forming with support at 0.5940 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 0.6465. The Aussie Dollar started another recovery wave above the 0.6510 resistance against the US Dollar

The bulls pushed the pair above the 0.6525 resistance zone. There was a close above the 0.6555 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6585 zone. A high is formed at 0.6585 and the pair is now consolidating above 23.6% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6585. The first major resistance might be 0.6620. An upside break above the 0.6620 resistance might send the pair further higher.

The next major resistance is near the 0.6665 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.

If not, the pair might correct lower. Immediate support is near a connecting bullish trend line at 0.6555. The next support could be 0.6525 or the 50% Fib retracement level of the upward move from the 0.6465 swing low to the 0.6585 high.

If there is a downside break below the 0.6525 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6465.

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 0.5875 level and started a decent increase against the US Dollar.

The pair climbed above the 0.5925 resistance and the 50-hour simple moving average. The pair even spiked above 0.5940. A high was formed near 0.5978 and the pair is now consolidating gains. The NZD/USD chart suggests that the RSI is correcting lower toward 60.

On the upside, the pair is facing resistance near the 0.5980 zone. The next major resistance is near the 0.6000 level. A clear move above the 0.6000 level might even push the pair toward the 0.6070 level.

Any more gains might clear the path for a move toward the 0.6120 resistance zone in the coming days. On the downside, there is a support forming near 0.5955 or the 23.6% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.

There is also a bullish trend line forming with support at 0.5940. The next major support is 0.5925 or the 50% Fib retracement level of the upward move from the 0.5873 swing low to the 0.5978 high.

If there is a downside break below the 0.5925 support, the pair might slide toward 0.5875. Any more losses could lead NZD/USD in a bearish zone to 0.5820.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD Price Forms Bullish Reversal Amid Key News GBP/USD Rate Surges to Two-Month High After Inflation News Market Analysis: GBP/USD Climbs Steadily While EUR/GBP Struggles Commodity Currencies Retreat from Local Highs Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside

Latest articles

Forex Analysis

EUR/USD Price Forms Bullish Reversal Amid Key News

Last night, the FOMC meeting minutes were released. According to USNews, there were no major surprises. However, the confirmation of persistent inflation – along with hints that some officials discussed potential future rate hikes – displayed a "hawkish" stance. The dollar index

Shares

After Earnings Report, NVDA Stock Price Exceeds $1,000

For the first time in history, Nvidia's stock price has reached a four-digit number, and its market capitalisation has surpassed $2.5 trillion, ranking third globally after Microsoft and Apple. This surge is due to a strong earnings report, driven

What Is the 80-20 Rule (Pareto Principle) in Trading?
Trader’s Tools

What Is the 80-20 Rule (Pareto Principle) in Trading?

In trading, rules that could maximise efficiency are highly sought after. One such principle is the 80-20 rule, also known as the Pareto principle. This concept asserts that 80% of outcomes often stem from 20% of causes. In software development,

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.