AUD/USD Aims Recovery While NZD/USD Remains In Uptrend
AUD/USD declined below the 0.6780 level before it found support near 0.6700. NZD/USD is rising and might aim a move above the 0.6250 resistance.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh decline from the 0.6840 resistance against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD.
· NZD/USD started a decent increase above the 0.6150 resistance zone.
· There is a major bullish trend line forming with support near 0.6220 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar started a major decline from the 0.6840 resistance zone against the US Dollar. The AUD/USD pair declined below the 0.6800 and 0.6780 level.
The pair even moved below the 0.6750 level and the 50 hourly simple moving average. A low was formed near the 0.6706 on FXOpen and the pair is now recovering losses. The pair is now trading near the 0.6750 resistance zone and the 50 hourly simple moving average.
On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 50% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
The next major resistance is near the 0.6755 level. There is also a key bearish trend line forming with resistance near 0.6755 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6783 swing high to 0.6706 low.
A close above the 0.6755 level could start another steady increase in the near term. The next major resistance could be 0.6800.
On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6665 level.
NZD/USD Technical Analysis
The New Zealand Dollar started a decent increase from the 0.6120 support zone against the US Dollar. The NZD/USD pair climbed above the 0.6150 and 0.6200 resistance levels.
The bulls even pushed the pair above the 0.6250 level and the 50 hourly simple moving average. A high was formed near 0.6275 before there was a fresh decline. A low was formed near 0.6199 and the pair is now rising.
On the upside, an initial resistance is near the 0.6250 level. It is near the 50% Fib retracement level of the recent decline from the 0.6275 swing high to 0.6199 low.
The next major resistance is near the 0.6255 level. It is near the 76.4% Fib retracement level of the recent decline from the 0.6275 swing high to 0.6199 low. A clear move above the 0.6255 level might even push the pair towards the 0.6275 level.
Any more gains might open the doors for a move towards the 0.6300 resistance zone in the coming days. An immediate support is near the 0.6220 level.
There is also a major bullish trend line forming with support near 0.6220 on the hourly chart of NZD/USD. The first major support is near the 0.6200 zone. The next support could be the 0.6180 zone. If there is a downside break below the 0.6180 support, the pair could extend its decline towards the 0.6120 level.
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.