AUD/USD declined below the 0.6350 and 0.6250 support levels. NZD/USD is also moving lower and might extend losses below 0.5540.

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

· The Aussie Dollar started a fresh decline from well above the 0.6300 level against the US Dollar.

· There is a connecting bearish trend line forming with resistance at 0.6175 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD declined steadily from the 0.5690 resistance zone.

· There is a short-term bearish trend line forming with resistance at 0.5580 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 0.6300 zone. The Aussie Dollar started a fresh decline below the 0.6250 support against the US Dollar.

The pair even settled below 0.6220 and the 50-hour simple moving average. There was a clear move below 0.6200. A low was formed at 0.6139 and the pair is now consolidating losses. On the upside, an immediate resistance is near the 0.6175 level.

There is also a connecting bearish trend line forming with resistance at 0.6175. It is close to the 23.6% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low.

The next major resistance is near the 0.6210 zone or the 50% Fib retracement level of the downward move from the 0.6288 swing high to the 0.6139 low, above which the price could rise toward 0.6290. Any more gains might send the pair toward the 0.6320 resistance.

A close above the 0.6320 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6400.

On the downside, initial support is near the 0.6140 zone. The next support sits at 0.6120. If there is a downside break below 0.6120, the pair could extend its decline. The next support could be 0.6050. Any more losses might send the pair toward the 0.6000 support.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5700 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5635 against the US Dollar.

The pair settled below the 0.5600 level and the 50-hour simple moving average. Finally, it tested the 0.5540 zone and is currently consolidating losses.

Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.5692 swing high to the 0.5542 low at 0.5580. There is also a short-term bearish trend line forming with resistance at 0.5580.

The next resistance is the 0.5620 level or the 50% Fib retracement level of the downward move from the 0.5692 swing high to the 0.5542 low. If there is a move above 0.5620, the pair could rise toward 0.5635.

Any more gains might open the doors for a move toward the 0.5690 resistance zone in the coming days. On the downside, immediate support on the NZD/USD chart is near the 0.5540 level.

The next major support is near the 0.5500 zone. If there is a downside break below 0.5500, the pair could extend its decline toward the 0.5465 level. The next key support is near 0.5420.

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