Market Analysis: AUD/USD and NZD/USD Could Recover In Short-Term

AUD/USD is attempting a recovery wave from 0.6660. NZD/USD could gain bullish momentum if there is a clear move above the 0.6090 resistance.

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

· The Aussie Dollar found support near 0.6660 and is now recovering against the US Dollar.

· There was a break above a key bearish trend line with resistance at 0.6690 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is attempting a recovery wave above the 0.6050 resistance.

· There was a break above a major bearish trend line with resistance near 0.6075 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair dipped from the 0.6760 resistance zone. The Aussie Dollar declined below 0.6700, but the bulls were active near 0.6660 against the US Dollar.

A low was formed near 0.6658 and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward move from the 0.6759 swing high to the 0.6658 low. There was also a break above a key bearish trend line with resistance at 0.6690.

The pair is now above 0.6700 and the 50-hour simple moving average. On the upside, immediate resistance is near the 61.8% Fib retracement level of the downward move from the 0.6759 swing high to the 0.6658 low at 0.6720.

The first major resistance is near a rising channel at 0.6735. A clear upside break above 0.6735 could send the pair toward 0.6760. The next major resistance on the AUD/USD chart is near 0.6780, above which the price could rise toward 0.6800. Any more gains might send the pair toward 0.6820.

On the downside, initial support is near 0.6705 or the 50-hour simple moving average. The next support could be the 0.6680 zone. Any more losses might send the pair toward the 0.6660 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 0.6120 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6100 against the US Dollar.

The pair even dropped below the 50-hour simple moving average and tested 0.6080. A low was formed near 0.6039 and the pair is now attempting a fresh increase. It is back above the 0.6050 level and the 50-hour simple moving average.

Besides, there was a break above a major bearish trend line with resistance near 0.6075. On the upside, the pair is facing resistance near the 50% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low.

The next major resistance is near the 76.4% Fib retracement level of the downward move from the 0.6119 swing high to the 0.6039 low at 0.6100. If there is a move above 0.6100, the pair could rise toward the 0.6120 resistance.

Any more gains might open the doors for a move toward the 0.6150 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.6045.

The next major support is near the 0.6000 zone. If there is a downside break below 0.6000, the pair could extend the decline toward the 0.5965 level. The next key support is near 0.5940.