Market Analysis: AUD/USD and NZD/USD Dips Could Be Attractive

FXOpen

AUD/USD is correcting gains from the 0.6540 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.5920.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a downside correction from 0.6540 against the US Dollar.

· There is a key declining channel forming with resistance at 0.6480 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is also moving lower below the 0.5980 support zone.

· There is a major declining channel forming with resistance near 0.5975 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 0.6340 support. The Aussie Dollar was able to clear the 0.6450 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6500 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6540 zone. A high is formed near 0.6542 and the pair is now correcting gains.

There was a move below the 0.6500 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high. There is also a key declining channel forming with resistance at 0.6480.

On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6357 swing low to the 0.6542 high at 0.6450.

The next support could be 0.6420. If there is a downside break below the 0.6420 support, the pair could extend its decline toward the 0.6400 level. Any more losses might signal a move toward 0.6340. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6480.

The first major resistance might be 0.6500. An upside break above the 0.6500 resistance might send the pair further higher. The next major resistance is near the 0.6540 level. Any more gains could clear the path for a move toward the 0.6600 resistance zone.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.5860 level. The New Zealand Dollar broke the 0.5950 resistance to start the recent increase against the US Dollar.

The pair settled above 0.6000 and the 50-hour simple moving average. It tested the 0.6050 zone and is currently correcting gains. The pair corrected lower below the 0.6000 level. The pair also spiked below the 50% Fib retracement level of the upward wave from the 0.5863 swing low to the 0.6054 high.

The NZD/USD chart suggests that the RSI is still below 50 and signaling more downsides. There is also a major declining channel forming with resistance near 0.5975.

On the downside, there is major support forming near 0.5945. The next major support is near the 61.8% Fib retracement level of the upward wave from the 0.5863 swing low to the 0.6054 high at 0.5935.

If there is a downside break below the 0.5935 support, the pair might slide toward the 0.5880 support. Any more losses could lead NZD/USD in a bearish zone to 0.5860.

On the upside, the pair might struggle near 0.5975. 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 0.6050 level. Any more gains might clear the path for a move toward the 0.6120 resistance zone in the coming days.

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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.

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