AUD/USD is consolidating gains near 0.6550. NZD/USD is trimming gains and struggling to stay above the 0.5700 pivot zone.

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

· The Aussie Dollar started a downside correction from 0.6620 against the US Dollar.

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

· NZD/USD is declining from the 0.5800 resistance zone.

· There is a short-term declining channel forming with resistance near 0.5730 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 0.6480. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.

There was also a move above 0.6580 and the 50-hour simple moving average. Finally, the pair tested 0.6600. A high was formed near 0.6617 and the pair is now correcting gains. There was a move below 0.6600 and a key bullish trend line with support at 0.6570.

The pair declined below the 50% Fib retracement level of the upward move from the 0.6478 swing low to the 0.6617 high. On the downside, initial support is near the 61.8% Fib retracement at 0.6530.

The next key area to watch could be 0.6510. If there is a downside break below 0.6510, the pair could extend its decline toward 0.6480. Any more losses might signal a move toward 0.6420.

On the upside, the AUD/USD chart indicates that the pair is now facing hurdles near 0.6560. The first key breakout zone might be 0.6595. An upside break above 0.6595 might send the pair further higher. The next stop for the bulls could be 0.6620. Any more gains could clear the path for a move toward 0.6720.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair attempted another wave above 0.5800 but failed. The New Zealand Dollar started another downward move from 0.5800 and dipped below 0.5750 against the US Dollar.

The pair settled below 0.5730 and the 50-hour simple moving average. It tested the 0.5710 zone and is currently consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.5801 swing high to the 0.5711 low.

The NZD/USD chart suggests that the RSI is now near 50 and the pair is attempting to recover. On the upside, the pair might struggle near 0.5730, the 50-hour simple moving average, and a short-term declining channel.

A clear move above 0.5730 might even push the pair toward the 50% Fib retracement at 0.5755. Any more gains might clear the path for a move toward 0.5800 in the coming days.

On the downside, there is major support forming near 0.5710 and 0.5700. The next key area of interest might be 0.5650. If there is a downside break below 0.5650, the pair might slide toward 0.5620. Any more losses could lead NZD/USD into a bearish zone to 0.5580.

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