Market Analysis: AUD/USD and NZD/USD Signal More Downsides

AUD/USD declined below the 0.6355 and 0.6330 support levels. NZD/USD is also moving lower and might trade below the 0.5800 zone.

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

· The Aussie Dollar started a fresh decline from well above the 0.6355 level against the US Dollar.

· There is a key bearish trend line forming with resistance near 0.6330 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD declined steadily from the 0.5930 resistance zone.

· There is a connecting bearish trend line forming with resistance near 0.5840 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6400 zone. The Aussie Dollar started a fresh decline below the 0.6355 support against the US Dollar.

The pair even settled below 0.6330 and the 50-hour simple moving average. A low was formed near 0.6295 before there was an upside correction. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.

However, the bears were active near the 0.6355 resistance zone. It failed to clear the 61.8% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.

There is also a key bearish trend line forming with resistance near 0.6330. On the downside, initial support is near the 0.6295 low. The next support sits at 0.6285. If there is a downside break below 0.6285, the pair could extend its decline.

The next support could be 0.6250. Any more losses might send the pair toward the 0.6220 support. On the upside, an immediate resistance is near the trend line at 0.6330.

The next major resistance is near 0.6355, above which the price could rise toward 0.6400. Any more gains might send the pair toward 0.6420. A close above the 0.6420 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5930 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5870 against the US Dollar.

The pair even tested the 0.5815 zone before there was a minor recovery wave. The pair climbed above the 23.6% Fib retracement level of the downward move from the 0.5916 swing high to the 0.5815 low. However, it failed to surpass the 50-hour simple moving average at 0.5870.

It is now moving lower and trading well below 0.5870. On the downside, immediate support on the NZD/USD chart is near the 0.5815 level.

The next major support is near the 0.5800 zone. If there is a downside break below 0.5800, the pair could extend its decline toward the 0.5740 level. The next key support is near 0.5700.

Immediate resistance on the upside is near a connecting bearish trend line at 0.5840. The next resistance is at 0.5855, followed by 0.5870. If there is a move above 0.5870, the pair could rise toward 0.5930. Any more gains might open the doors for a move toward the 0.5965 resistance zone in the coming days.