Market Analysis: AUD/USD and NZD/USD Breakdown Looks Real

AUD/USD declined below the 0.6760 and 0.6720 support levels. NZD/USD also declined towards 0.6150, and it remains at risk of more losses.

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

• The Aussie Dollar started a fresh decline from well above the 0.6800 level against the US Dollar.
• There was a break below a key bullish trend line with support near 0.6750 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD declined heavily from the 0.6260 resistance zone.
• There was a break below a major bullish trend line with support near 0.6200 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 stay above the 0.6800 level. The Aussie Dollar started a fresh decline below the 0.6760 support against the US Dollar.

There was a break below a key bullish trend line with support near 0.6750. The pair even settled below 0.6720 and the 50-hour simple moving average. A low is formed near 0.6655, and the pair is now consolidating losses.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6821 swing high to the 0.6655 low at 0.6695.

The next major resistance is near 0.6720, above which the price could rise toward the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.6821 swing high to the 0.6655 low.

A close above the 0.6760 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6790.

On the downside, initial support is near the 0.6655 level. The next support could be the 0.6620 level. If there is a downside break below 0.6620, the pair could extend its decline toward the 0.6600 handle. Any more losses might send the pair toward the 0.6550 support.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD at FXOpen, the pair also followed a similar pattern and declined from the 0.6260 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6210 against the US Dollar.

There was a break below a major bullish trend line with support near 0.6200. Finally, the bulls appeared near the 0.6150 zone. A low is formed near 0.6149, and the pair is now showing a few bearish signs.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 50-hour simple moving average at 0.6210.

The 50% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low is also near 0.6210 to act as a barrier. Any more gains might open the doors for a move toward the 0.6260 resistance zone in the coming days.

On the downside, immediate support on the NZD/USD chart is near the 0.6150 level. The first major support is near the 0.6120 zone. If there is a downside break below 0.6120, the pair could extend its decline toward the 0.6080 level. The next key support is near 0.6050.