News & Analysis / Analysis / Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase

Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase

FXOpen

AUD/USD is correcting gains from the 0.6675 zone. NZD/USD is rising and could extend its increase above the 0.6185 resistance zone.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a downside correction below the 0.6650 level against the US Dollar.

· There is a connecting bearish trend line forming with resistance near 0.6620 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is gaining bullish momentum above the 0.6120 support.

· There is a key bullish trend line forming with support near 0.6140 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 0.6530 support. The Aussie Dollar was able to clear the 0.6600 resistance to move into a positive zone against the US Dollar.

Finally, the pair tested the 0.6675 zone before it started a downside correction. The recent swing high was formed near 0.6634 and the pair is now trading below the 50-hour simple moving average. There was a move below the 23.6% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high.

On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high at 0.6600.

The next support could be the 0.6570 zone. If there is a downside break below the 0.6570 support, the pair could extend its decline toward 0.6530. Any more losses might signal a move toward 0.6450.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6620. The first major resistance might be 0.6650.

An upside break above the 0.6650 resistance might send the pair further higher. The next major resistance is near the 0.6675 level. Any more gains could clear the path for a move toward the 0.6740 resistance zone.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6060 level. The New Zealand Dollar broke the 0.6120 resistance to start the recent increase against the US Dollar.

The pair settled above 0.6140 and the 50-hour simple moving average. It tested the 0.6210 zone before there was a downside correction to 0.6120. The pair is again rising and trading above the 50% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low.

The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near the 76.4% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low at 0.6185.

The next major resistance is near the 0.6210 level. A clear move above the 0.6210 level might even push the pair toward the 0.6250 level. Any more gains might clear the path for a move toward the 0.6320 resistance zone in the coming days.

On the downside, there is major support forming near a bullish trend line at 0.6140. The next major support is near 0.6120, below which the pair might test 0.6060.

If there is a downside break below the 0.6060 support, the pair might slide toward the 0.6020 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.03931
1.03933
Trade
GBPUSD
1.24500
1.24502
Trade
AUDUSD
0.62798
0.62801
Trade
USDJPY
154.217
154.220
Trade
USDCAD
1.42971
1.42980
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Forex Analysis

USD/JPY Exchange Rate Recovers from Yearly Low

As shown on the USD/JPY chart, today the exchange rate aggressively surged above the 153 yen per US dollar level. This marks a strong recovery from the yearly low of around 151 yen per dollar, set last week.

Today's

Shares

Coca-Cola (KO) Stock Surges Nearly 5% in a Day

Yesterday, shares of The Coca-Cola Company (KO) saw a significant rally, climbing nearly 5% and reaching a yearly high above $67. The last time KO stock traded at this level was in late October 2024. Investor optimism was fueled by

Forex Analysis

Market Focus: Key Inflation Data and Fed Policy Signals

The January employment report, published last Friday, was met with a lukewarm reaction from market participants. The number of new jobs in the US for January fell short of expectations (143K vs 169K). On the positive side, the unemployment rate

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.