Market Analysis: AUD/USD Struggles While NZD/USD Grinds Higher

FXOpen

AUD/USD is declining below the 0.6540 support zone. NZD/USD is rising and could extend its increase above the 0.6130 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a fresh decline below the 0.6540 level against the US Dollar.

· There is a connecting bearish trend line forming with resistance near 0.6510 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is gaining bullish momentum above the 0.6080 support.

· There was a break above a major bearish trend line with resistance at 0.6105 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 stay above the 0.6600 pivot zone. The Aussie Dollar started a fresh decline below the 0.6550 and 0.6540 levels against the US Dollar.

The pair even settled below the 0.6510 level and the 50-hour simple moving average. Finally, it tested the 0.6480 support zone. The recent low was formed near 0.6480 and the pair is now consolidating losses near the 23.6% Fib retracement level of the downward move from the 0.6540 swing high to the 0.6480 low.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6510. The trend line is near the 50% Fib retracement level of the downward move from the 0.6540 swing high to the 0.6480 low.

The first major resistance might be 0.6540. An upside break above the 0.6540 resistance might send the pair further higher. The next major resistance is near the 0.6610 level. Any more gains could clear the path for a move toward the 0.6660 resistance zone.

On the downside, initial support is near the 0.6480 zone. The next support could be the 0.6470 zone. If there is a downside break below the 0.6470 support, the pair could extend its decline toward 0.6420. Any more losses might signal a move toward 0.6380.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6040 level. The New Zealand Dollar broke the 0.6080 resistance to start the recent increase against the US Dollar.

The pair settled above 0.6080 and the 50-hour simple moving average. There was a break above a major bearish trend line with resistance at 0.6105. The bulls pumped the pair above the 50% Fib retracement level of the downward move from the 0.6160 swing high to the 0.6038 low.

The NZD/USD chart suggests that the RSI is still above 60 and signaling more upsides. On the upside, the pair might struggle near the 76.4% Fib retracement level of the downward move from the 0.6160 swing high to the 0.6038 low at 0.6130.

The next major resistance is near the 0.6160 level. A clear move above the 0.6160 level might even push the pair toward the 0.6200 level. Any more gains might clear the path for a move toward the 0.6250 resistance zone in the coming days.

On the downside, there is major support forming near the same trend line at 0.6105. The next major support is near 0.6080, below which the pair might test 0.6040.

If there is a downside break below the 0.6040 support, the pair might slide toward the 0.6000 support. Any more losses could lead NZD/USD in a bearish zone to 0.5925.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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