News & Analysis / Analysis / Market Analysis: AUD/USD and NZD/USD Could Extend Gains

Market Analysis: AUD/USD and NZD/USD Could Extend Gains

FXOpen

AUD/USD is showing positive signs and might climb further higher above 0.6900. NZD/USD is also rising and aiming for a move above the 0.6410 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a fresh increase above the 0.6790 and 0.6845 levels against the US Dollar.

· There is a connecting bullish trend line forming with support near 0.6790 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is gaining bullish momentum above the 0.6355 support.

· There is a key bullish trend line forming with support near 0.6395 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 the 0.6630 support. The Aussie Dollar was able to clear the 0.6790 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6845 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6900 zone. A high is formed near 0.6894 and the pair is now consolidating gains. The AUD/USD chartindicates that the pair is now facing resistance near 0.6900.

The first major resistance might be 0.6920. An upside break above the 0.6920 resistance might send the pair further higher. The next major resistance is near the 0.6945 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.

On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high at 0.6845.

The next support could be a connecting bullish trend line at 0.6790 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6682 swing low to the 0.6894 high.

If there is a downside break below the 0.6790 support, the pair could extend its decline toward the 0.6730 level. Any more losses might signal a move toward 0.6630.

NZD/USD Technical Analysis

On the hourly chart of AUD/USD on FXOpen, the pair started a steady increase from the 0.6180 level. The New Zealand Dollar broke the 0.6235 resistance to start the recent increase against the US Dollar.

The pair settled above 0.6320 and the 50-hour simple moving average. It tested the 0.6410 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6182 swing low to the 0.6411 high.

The NZD/USD chart suggests that the RSI is correcting lower and the pair might correct lower. On the downside, there is major support forming near a bullish trend line at 0.6395.

The next major support is near 0.6355, below which the pair might test the 50-hour simple moving average at 0.6320. If there is a downside break below the 0.6320 support, the pair might slide toward the 0.6235 support. It is close to the 76.4% Fib retracement level of the upward wave from the 0.6182 swing low to the 0.6411 high.

On the upside, the pair might struggle near 0.6420. The next major resistance is near the 0.6450 level. A clear move above the 0.6450 level might even push the pair toward the 0.6500 level. Any more gains might clear the path for a move toward the 0.6550 resistance zone in the coming days

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.08777
1.08803
Trade
GBPUSD
1.29275
1.29374
Trade
AUDUSD
0.63223
0.63247
Trade
USDJPY
148.620
148.645
Trade
USDCAD
1.43605
1.43721
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Shares

Intel (INTC) Shares Surge by Approximately 14%

As shown in the Intel (INTC) stock chart:

→ Trading opened yesterday with a strong bullish gap.
→ By the end of the session, shares had risen by approximately 14% compared to the previous day's closing price.

According to Dow Jones Market

Commodities

Gold Price Nears $3,000 for the First Time in History

As shown in the XAU/USD chart today, gold is at a record high, just $5 away from the key psychological level of $3,000. Moreover, on the futures market, COMEX data indicates that gold futures have already surpassed this

What Is Dollar-Cost Averaging (DCA) in Investing and Trading?
Trader’s Tools

What Is Dollar-Cost Averaging (DCA) in Investing and Trading?

Dollar-cost averaging (DCA) is a popular strategy used by investors and traders to manage market fluctuations and build positions over time. Instead of trying to time the market, DCA focuses on consistent, regular investments regardless of price movements. This article

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.