AUD/USD is moving higher and showing positive signs above 0.6400. NZD/USD is also rising and might aim more upsides above 0.5850.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase above the 0.6350 and 0.6400 levels against the US Dollar.
· There is a key bullish trend line forming with support at 0.6460 on the hourly chart of AUD/USD.
· NZD/USD is showing a lot of bullish signs above the 0.5800 support zone.
· There is a major bullish trend line forming with support at 0.5820 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6200 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace above the 0.6300 level to move into a positive zone.
There was a clear move above the 0.6350 level and the 50 hourly simple moving average. The pair even climbed above the 0.6500 level and traded as high as 0.6522. It is now correcting gains and trading below the 0.6500 level.
It spiked below the 23.6% Fib retracement level of the upward move from the 0.6210 swing low to 0.6522 high. On the downside, an initial support is near the 0.6460 level.
There is also a key bullish trend line forming with support at 0.6460 on the hourly chart of AUD/USD. The next support could be the 0.6400 level. If there is a downside break below the 0.6400 support, the pair could extend its decline towards the 0.6365 level.
The 50% Fib retracement level of the upward move from the 0.6210 swing low to 0.6522 high is also near 0.6365. On the upside, the AUD/USD pair is facing resistance near the 0.6500 level.
The next major resistance is near the 0.6520 level. A close above the 0.6520 level could start a steady increase in the near term. The next major resistance could be 0.6580.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.5600 support zone against the US Dollar. The NZD/USD pair started a steady increase above the 0.5660 and 0.5700 resistance levels.
The bulls even pushed the pair above the 0.5800 resistance and the 50 hourly simple moving average. A high was formed near 0.5871 and the pair started a downside correction. There was a minor move below the 0.5850 level, but downsides were limited.
An immediate support is near the 0.5820 level. The first major support is near the 0.5800 zone. There is also a major bullish trend line forming with support at 0.5820 on the hourly chart of NZD/USD.
The trend line is near the 23.6% Fib retracement level of the upward move from the 0.5599 swing low to 0.5871 high. The next support could be the 0.5765 zone. If there is a downside break below the 0.5765 support, the pair could extend its decline towards the 0.5740 level.
The 50% Fib retracement level of the upward move from the 0.5599 swing low to 0.5871 high is also near 0.5740. On the upside, an initial resistance is near the 0.5870 level.
The next major resistance is near the 0.5900 level. A clear move above the 0.5900 level might even push the pair towards the 0.5950 level. Any more gains might open the doors for a move towards the 0.6000 resistance zone in the coming days.
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.
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