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

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.

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