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

FXOpen

AUD/USD declined below the 0.6575 and 0.6550 support levels. NZD/USD is also moving lower and might trade below the 0.6000 zone.

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

· The Aussie Dollar started a fresh decline from well above the 0.6600 level against the US Dollar.

· There was a break below a connecting bullish trend line with support at 0.6570 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD declined steadily from the 0.6105 resistance zone.

· There was a break below a key bullish trend line with support at 0.6040 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 0.6635 zone. The Aussie Dollar started a fresh decline below the 0.6600 support against the US Dollar.

The pair even settled below 0.6575 and the 50-hour simple moving average. There was a clear move below the 50% Fib retracement level of the upward move from the 0.6504 swing low to the 0.6634 high. Moreover, there was a break below a connecting bullish trend line with support at 0.6570.

The pair is now trading below the 76.4% Fib retracement level of the upward move from the 0.6504 swing low to the 0.6634 high. On the downside, initial support is near the 0.6520 zone.

The next support sits at 0.6505. If there is a downside break below 0.6505, the pair could extend its decline. The next support could be 0.6455. Any more losses might send the pair toward the 0.6420 support.

On the upside, an immediate resistance is near the 0.6550 level. The next major resistance is near 0.6575, above which the price could rise toward 0.6635. Any more gains might send the pair toward 0.6700.

A close above the 0.6700 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6780.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6105 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6055 against the US Dollar.

The pair dived below the 61.8% Fib retracement level of the upward move from the 0.6024 swing low to the 0.6106 high. Besides, there was a break below a key bullish trend line with support at 0.6040. The pair settled below the 0.6025 level and the 50-hour simple moving average.

On the downside, immediate support on the NZD/USD chart is near the 0.6005 level. It is close to the 1.236 Fib extension level of the upward move from the 0.6024 swing low to the 0.6106 high.

The next major support is near the 0.5980 zone. If there is a downside break below 0.5980, the pair could extend its decline toward the 0.5950 level. The next key support is near 0.5920.

Immediate resistance on the upside is near 0.6025. The next resistance is at 0.6055 and the 50-hour simple moving average. If there is a move above 0.6055, the pair could rise toward 0.6090. Any more gains might open the doors for a move toward the 0.6150 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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