Market Analysis: AUD/USD and NZD/USD Set for Steady Gains
AUD/USD is correcting gains from the 0.6735 zone. NZD/USD is showing positive signs and might attempt a fresh increase above 0.6120.
Important Takeaways for AUD USD and NZD USD Analysis Today
· The Aussie Dollar started a downside correction from 0.6735 against the US Dollar.
· There is a key bullish trend line forming with support at 0.6700 on the hourly chart of AUD/USD at FXOpen.
· NZD/USD is gaining pace above the 0.6100 support zone.
· There is a major bullish trend line forming with support at 0.6100 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 0.6635 support. The Aussie Dollar was able to clear the 0.6680 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6700 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6735 zone. A high was formed near 0.6733 and the pair is now correcting gains.
There was a move below the 0.6720 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high. On the downside, initial support is near a key bullish trend line at 0.6700.
The next major support is near the 50% Fib retracement level of the upward move from the 0.6634 swing low to the 0.6733 high at 0.6680.
If there is a downside break below the 0.6680 support, the pair could extend its decline toward the 0.6660 level. Any more losses might signal a move toward 0.6635.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6720. The first major resistance might be 0.6735. An upside break above the 0.6735 resistance might send the pair further higher.
The next major resistance is near the 0.6760 level. Any more gains could clear the path for a move toward the 0.6800 resistance zone.
Read analytical AUD/USD price forecasts for 2024 and beyond.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6045 zone. The New Zealand Dollar broke the 0.6090 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6100 and the 50-hour simple moving average. It tested the 0.6130 zone and is currently correcting gains. The pair corrected lower below the 0.6120 level. The pair also traded below the 23.6% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the downside, there is major support forming near 0.6100 and a trend line.
The next major support is near the 50% Fib retracement level of the upward wave from the 0.6047 swing low to the 0.6128 high at 0.6090.
If there is a downside break below the 0.6090 support, the pair might slide toward the 0.6065 support. Any more losses could lead NZD/USD in a bearish zone to 0.6045.
On the upside, the pair might struggle near 0.6120. The next major resistance is near the 0.6130 level. A clear move above the 0.6130 level might even push the pair toward the 0.6165 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.