Technical Analysis on April 21, 2023: AUD/USD and NZD/USD At Risk of More Losses

FXOpen

AUD/USD started a fresh decline from the 0.6770 resistance zone. NZD/USD is also moving lower and might decline below the 0.6150 support.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh decline below the 0.6740 support against the US Dollar.

· There is a key bullish trend line forming with support at 0.6715 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD failed to clear the 0.6220 resistance zone and reacted to the downside.

· There is a major bearish trend line forming with resistance near 0.6180 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair faced rejection near 0.6770. The Aussie dollar started a fresh decline and traded below the 0.6740 support against the US Dollar.

There was a move below the 61.8% Fib retracement level of the upward move from the 0.6697 swing low to the 0.6771 high. It is now trading below the 50-hour simple moving average. It seems like there is a major support waiting near a key bullish trend line with support at 0.6715.

The trend line coincides with the 76.4% Fib retracement level of the upward move from the 0.6697 swing low to the 0.6771 high. If there is a downside break below the trend line, the pair could decline toward 0.6690.

The next support could be the 0.6660 level, below which the bears could aim for a test of the 0.6600 zone in the coming days.

On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6770 level. A close above the 0.6770 level could start another steady increase in the near term. The next major resistance could be 0.6850.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD at FXOpen, the pair also started a fresh decline after it failed to clear the 0.6220 resistance. The New Zealand dollar dipped below 0.6180 to move into a bearish zone against the US Dollar.

The pair tested the 0.6150 support zone and is currently consolidating losses. On the upside, an initial resistance is near the 50-hour simple moving average at 0.6150.

There is also a major bearish trend line forming with resistance near 0.6180. The trend line coincides with the 50% Fib retracement level of the downward move from the 0.6203 swing high to the 0.6154 low.

The next major resistance is near the 0.6220 level. A clear move above the 0.6220 level might even push the pair toward the 0.6265 level. Any more gains might open the doors for a move toward the 0.6300 resistance zone in the coming days.

If not, the pair could resume its decline. Immediate support is near the 0.6150 level. The next support could be the 0.6120 zone. If there is a downside break below the 0.6120 support, the pair could gain bearish momentum.

In the stated case, the pair may perhaps decline toward the 0.6080 support level. Any more losses could set the pace for a test of the 0.6050 level.

This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.

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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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