Market Analysis: AUD/USD and NZD/USD Regain Strength

FXOpen

AUD/USD is gaining pace and might climb further higher above 0.6900. NZD/USD is also showing positive signs above the 0.6200 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a fresh increase above the 0.6780 and 0.6830 levels against the US Dollar.

· There is a key bullish trend line forming with support near 0.6830 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is gaining bullish momentum above the 0.6200 support.

· There is a major bullish trend line forming 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 started a fresh increase from the 0.6740 support. The Aussie Dollar was able to clear the 0.6780 resistance to start a steady uptrend against the US Dollar.

There was a close above the 0.6830 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6890 zone. A high is formed near 0.6892 and the pair is now consolidating gains. The AUD USD chart indicates that the pair is now facing resistance near 0.6892.

The first major resistance might be 0.6900. An upside break above the 0.6900 resistance might send the pair further higher. The next major resistance is near the 0.6950 level. Any more gains could open the doors 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 0.6765 swing low to the 0.6892 high at 0.6860.

The next support could be a major bullish trend line at 0.6830 and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the 0.6765 swing low to the 0.6892 high.

If there is a downside break below the 0.6830 support, the pair could extend its decline toward the 0.6780 level. Any more losses might signal a move toward 0.6740.

NZD/USD Technical Analysis

On the hourly chart of AUD/USD on FXOpen, the pair formed a base above the 0.6100 level. The New Zealand Dollar started a steady increase above the 0.6150 resistance against the US Dollar.

The pair settled above 0.6200 and the 50-hour simple moving average. It tested the 0.6245 zone and is currently consolidating gains above the 23.6% Fib retracement level of the recent increase from the 0.6153 swing low to the 0.6246 high.

The NZD USD chart suggests that the RSI is declining and the pair might correct lower. On the downside, there is key support forming near a bullish trend line at 0.6200 and the 50-hour simple moving average.

The trend line is near the 50% Fib retracement level of the recent increase from the 0.6153 swing low to the 0.6246 high. The next major support is near 0.6150.

If there is a downside break below the 0.6150 support, the pair might slide toward the 0.6100 support. Any more losses could send NZD/USD toward 0.6050.

On the upside, the pair might struggle near 0.6245. The next major resistance is near the 0.6260 level. A clear move above the 0.6260 level might even push the pair toward the 0.6300 level. Any more gains might open the doors for a move toward the 0.6350 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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