AUD/USD started a fresh increase from the 0.7100 zone. NZD/USD is also rising and there was a clear move above the 0.6950 resistance.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase after it cleared 0.7150 against the US Dollar.
· There is a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.
· NZD/USD also climbed higher after forming a base above the 0.6650 level.
· There is a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found support near the 0.7100 zone against the US Dollar. The AUD/USD pair traded as low as 0.7094 on FXOpen before it started a fresh increase.
There was a clear move above the 0.7120 and 0.7200 resistance levels. The pair surged above the 0.7250 level and the 50 hourly simple moving average. The pair even broke the 0.7300 resistance zone and traded as high as 0.7347.
It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7310 level. There is also a key bullish trend line forming with support near 0.7310 on the hourly chart of AUD/USD.
The next support could be the 50 hourly simple moving average or the 23.6% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high. If there is a downside break below the 0.7285 support, the pair could extend its decline towards the 0.7220 level.
The 50% Fib retracement level of the upward move from the 0.7094 swing low to 0.7347 high is also near the 0.7220 zone. Any more downsides might send the pair toward the 0.7180 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7350 level. The next major resistance is near the 0.7380 level. A close above the 0.7380 level could start a steady increase in the near term. The next major resistance could be 0.7450.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.6640 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6700 resistance zone to move into a positive zone.
The pair even traded above the 0.6750 level and the 50 hourly simple moving average. It even spiked above the 0.6800 and traded as high as 0.6809. It is now consolidating gains below 0.6810. On the downside, an initial support is near the 0.6795 level.
There is also a major bullish trend line forming with support near 0.6795 on the hourly chart of NZD/USD. The next support could be the 0.6780 zone or the 50 hourly simple moving average.
The 23.6% Fib retracement level of the upward move from the 0.6631 swing low to 0.6809 high is also near the 0.6770 level. If there is a downside break below the 0.6770 support, the pair could extend its decline towards the 0.6720 level.
The 50% Fib retracement level of the upward move from the 0.6631 swing low to 0.6809 high is also near 0.6720. Any more downsides might send the pair toward the 0.6650 level.
An immediate resistance on the upside is near the 0.6810 level. The first key resistance is near the 0.6840 level. The next major resistance is near the 0.6850 level. A clear move above the 0.6850 level might even push the pair towards the 0.6920 level.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
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