Market Analysis: AUD/USD and NZD/USD Trims Gains, Will Bears Take Full Control?

AUD/USD failed to stay in a positive zone and declined below 0.6650. NZD/USD is also moving lower and might extend losses below 0.5845.

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

• The Aussie Dollar started a fresh decline from well above 0.6680 against the US Dollar.
• There is a connecting bearish trend line forming with resistance at 0.6610 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD declined steadily from 0.6000 and traded below 0.5900.
• There was a break above a connecting bearish trend line with resistance at 0.5860 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 0.6700. The Aussie Dollar started a fresh decline below 0.6650 against the US Dollar.

The pair even settled below 0.6620 and the 50-hour simple moving average. There was a clear move below 0.6600. A low was formed at 0.6581 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.6706 swing high to the 0.6581 low.

On the upside, immediate resistance is near a connecting bearish trend line at 0.6610 and the 50-hour simple moving average. The next major hurdle for the bulls could be near 0.6645 and the 50% Fib retracement.

The main selling point could be 0.6660, above which the price could rise toward 0.6690. Any more gains might send the pair toward 0.6700. A close above 0.6700 could start another steady increase in the near term. In the stated case, the next key resistance on the AUD/USD chart could be 0.6750.

On the downside, initial support is near 0.6580. The next area of interest might be 0.6550. If there is a downside break below 0.6550, the pair could extend its decline. The next target for the bears might be 0.6500. Any more losses might send the pair toward 0.6420.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6000 zone. The New Zealand Dollar moved down and traded below 0.5950 against the US Dollar.

The pair settled below 0.5920 and the 50-hour simple moving average. Finally, it tested 0.5845 and is currently consolidating losses. There was a minor increase above a connecting bearish trend line with resistance at 0.5860.

If the pair recovers, it could face hurdles near the 23.6% Fib retracement level of the downward move from the 0.6007 swing high to the 0.5846 low at 0.5885 and the 50-hour simple moving average.

The next major barrier is at 0.5925 since it coincides with the 50% Fib retracement. If there is a move above 0.5925, the pair could rise toward 0.5945. Any more gains might open the doors for a move toward 0.5990 in the coming days.

On the downside, immediate support on the NZD/USD chart is near the 0.5845 level. The next major stop for the bears might be 0.5800. If there is a downside break below 0.5800, the pair could extend its decline toward 0.5750. The main target for the bears could be 0.5720.

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