Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

FXOpen

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone.

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

· The Aussie Dollar is moving higher from the 0.6540 zone against the US Dollar.

· There is a key 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 0.6180 support.

· There is a major bullish trend line forming with support at 0.6190 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair remained stable near the 0.6500 zone, as discussed in the previous analysis. The Aussie Dollar formed a base and started a decent increase above the 0.6540 resistance against the US Dollar

The bulls pushed the pair above the 0.6550 resistance zone. There was a close above the 0.6565 resistance and the 50-hour simple moving average.

The pair is now consolidating near the 50% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6575.

The 61.8% Fib retracement level of the downward move from the 0.6595 swing high to the 0.6542 low is also near 0.6575. The first major resistance might be 0.6600. An upside break above the 0.6600 resistance might send the pair further higher.

The next major resistance is near the 0.6650 level. Any more gains could clear the path for a move toward the 0.6720 resistance zone.

If not, the pair might correct lower below the 50-hour simple moving average at 0.6555. There is also a key bullish trend line forming with support at 0.6555. The next support could be 0.6540. If there is a downside break below the 0.6540 support, the pair could extend its decline toward the 0.6510 zone. Any more losses might signal a move toward 0.6450.

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 0.6130 level and started a decent increase against the US Dollar.

The recent low was at 0.6178 before the pair climbed above the 0.6190 resistance and the 50-hour simple moving average. There was a move above the 50% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.

On the upside, the pair is facing resistance near the 0.6200 zone. It is near the 61.8% Fib retracement level of the downward move from the 0.6217 swing high to the 0.6178 low.

The NZD/USD chart suggests that the RSI is stable above 50. The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6280 level. Any more gains might clear the path for a move toward the 0.6350 resistance zone in the coming days.

On the downside, there is a support forming near 0.6190. There is also a bullish trend line forming with support at 0.6190. The next major support is 0.6180. If there is a downside break below the 0.6180 support, the pair might slide toward the 0.6130 support. Any more losses could lead NZD/USD in a bearish zone to 0.6050.

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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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