AUD/USD and NZD/USD Are Facing Many Hurdles

FXOpen

AUD/USD is following a bearish path and it recently settled below the key 0.6800 support area. NZD/USD is currently recovering, but it is facing many hurdles near 0.6300 and 0.6320.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar is trading in a bearish zone and it recently tested the 0.6740 level against the US Dollar.
  • There is a major bearish trend line forming with resistance near 0.6765 on the hourly chart of AUD/USD.
  • NZD/USD is facing a strong resistance near the 0.6300 and 0.6320 levels.
  • There is also a major breakout pattern forming with resistance near 0.6312 on the hourly chart.

AUD/USD Technical Analysis

In the past few days, the Aussie Dollar followed a bearish path from the 0.6850 resistance against the US Dollar. The AUD/USD pair broke many key supports near 0.6800 to enter a bearish zone.

The decline was such that the pair even broke the 0.6780 support and the 50 hourly simple moving average. A swing low was formed near 0.6740 on FXOpen and the pair is currently consolidating losses.

AUD/USD Technical Analysis Aussie Dollar US Dollar

An immediate resistance is near the 0.6760 level and the 50 hourly simple moving average. Moreover, the 50% Fib retracement level of the recent decline from the 0.6780 high to 0.6743 low is also near the 0.6760 level.

More importantly, there is a major bearish trend line forming with resistance near 0.6765 on the hourly chart of AUD/USD. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the 0.6780 high to 0.6743 low.

Therefore, an upside break above the trend line is needed for the pair to trade higher towards the 0.6780 and 0.6800 resistance levels. The main resistance is near 0.6800, above which the pair is likely to move into a positive zone.

On the downside, an immediate support is near the 0.6740 level. If the pair breaks the 0.6740 support, there is a risk of more downsides towards the 0.6700 level.

NZD/USD Technical Analysis

The New Zealand Dollar struggled to stay above the 0.6350 level and recently declined against the US Dollar. The NZD/USD pair broke the key 0.6300 support level to enter a bearish zone.

The pair even settled below the 0.6300 level and the 50 hourly simple moving average. The recent swing low was formed near 0.6282 and the pair is currently correcting higher.

NZD/USD Technical Analysis New Zealand Dollar

It is currently facing a strong resistance near the 0.6300 level and the 50 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the recent drop from the 0.6326 high to 0.6282 low is also acting as a resistance.

More importantly, there is a major breakout pattern forming with resistance near 0.6312 on the hourly chart. The main resistances are near 0.6300, 0.6305, 0.6312, and the 61.8% Fib retracement level of the recent drop from the 0.6326 high to 0.6282 low.

Therefore, the pair needs to surpass the 0.6300 and 0.6320 resistance levels to continue higher in the near term. The next key resistance is near 0.6350, above which it could revisit the 0.6400 level.

Conversely, if there is no upside break above 0.6320, the NZD/USD pair decline again. An immediate support is near the 0.6280 level, below which there is a risk of a downside extension towards the 0.6250 level.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

USD/CAD Consolidates
Forex Analysis

USD/CAD Consolidates

In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.

The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the

Why Coinbase (COIN) Shares Are Rising
Shares

Why Coinbase (COIN) Shares Are Rising

As the Coinbase (COIN) stock chart shows, trading closed yesterday above the $200 mark — for the first time since March.

Since the beginning of April, COIN's share price has risen by nearly 20%, while the S&P 500 index

Forex Analysis

USD/CHF Rebounds from Multi-Year Low

As the charts show, the USD/CHF exchange rate fell below 0.810 US dollars per franc earlier this week. The pair had not traded this low since the 2008 financial crisis. Demand for the Swiss franc as a safe-haven

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.