Market Analysis: AUD/USD, NZD/USD Struggle at Resistance, Upside Chances Diminish

AUD/USD is attempting a recovery wave from 0.6910. NZD/USD is also correcting losses and might recover if there is a clear move above 0.5885.

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

· The Aussie Dollar found support near 0.6910 and is now recovering against the US Dollar.

· There is a key bearish trend line forming with resistance at 0.7015 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is attempting a recovery wave above 0.5800.

· There is a major 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 dipped from well above 0.7050. The Aussie Dollar declined below 0.7000, but the bulls were active near 0.6910 against the US Dollar.

The recent swing low was formed near 0.6938, and the pair is now correcting losses. There was a move above the 50% Fib retracement level of the downward wave from the 0.7062 swing high to the 0.6938 low.

However, the bears are active near 0.7015 and the 61.8% Fib retracement. There is also a key bearish trend line near the same region. The pair is now trading below 0.7000 and the 50-hour simple moving average. On the upside, immediate resistance is 7000.

The first major hurdle for the bulls could be 0.7015. A clear upside break above 0.7015 could send the pair toward 0.7060. The next area of interest on the AUD/USD chart is near 0.7095, above which the price could rise toward 0.7120. Any more gains might send the pair toward 0.7150.

On the downside, initial support is near 0.6940. The key breakdown zone could be 0.6910 and 0.6900. Any more losses might send the pair toward 0.6840.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.5885 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5850 against the US Dollar.

The pair even dropped below the 50-hour simple moving average and tested 0.5800. A low was formed near 0.5793, and the pair is now attempting a fresh increase. There was a move above the 50% Fib retracement level of the downward wave from the 0.5887 swing high to the 0.5793 low.

However, there was no close above the 50-hour simple moving average and the 61.8% Fib retracement. There is also a major bearish trend line forming with resistance near 0.5840.

On the upside, the pair is facing hurdles near the same trend line. The next key breakout zone sits near 0.5850. If there is a move above 0.5850, the pair could rise toward 0.5885. Any more gains might open the doors for a move to 0.5940.

On the downside, immediate support on the NZD/USD chart is near 0.5800. The next key area for the bulls might be 0.5785. If there is a downside break below 0.5785, the pair could extend the decline toward 0.5760. The main target for the bears below 0.5760 might be 0.5720.

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