AUD/USD is moving higher and might accelerate higher above 0.6780. NZD/USD is also rising and might aim more upsides above 0.6300.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase above the 0.6550 and 0.6640 levels against the US Dollar.
· There is a key bullish trend line forming with support near 0.6715 on the hourly chart of AUD/USD.
· NZD/USD is gaining bullish pace above the 0.6250 support zone.
· There is a major bullish trend line forming with support near 0.6245 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6560 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace above the 0.6590 level to move into a positive zone.
There was a clear move above the 0.6640 level and the 50 hourly simple moving average. The pair even climbed above the 0.6720 level and traded as high as 0.6778. It is now correcting gains and trading below the 0.6770 level.
On the downside, an initial support is near the 0.6735 level. It is near the 23.6% Fib retracement level of the upward move from the 0.6585 swing low to 0.6778 high.
The next support could be the 0.6715 level. There is also a key bullish trend line forming with support near 0.6715 on the hourly chart of AUD/USD. If there is a downside break below the 0.6715 support, the pair could extend its decline towards the 0.6680 level.
It is near the 50% Fib retracement level of the upward move from the 0.6585 swing low to 0.6778 high. On the upside, the AUD/USD pair is facing resistance near the 0.6775 level.
The next major resistance is near the 0.6800 level. A close above the 0.6800 level could start a steady increase in the near term. The next major resistance could be 0.6920.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.6080 support zone against the US Dollar. The NZD/USD pair started a steady increase above the 0.6150 and 0.6200 resistance levels.
The bulls even pushed the pair above the 0.6250 resistance and the 50 hourly simple moving average. A high was formed near 0.6289 and the pair started a downside correction. There was a minor move below the 0.6275 level, but downsides were limited.
An immediate support is near the 0.6245 level. It is close to the 23.6% Fib retracement level of the upward move from the 0.6087 swing low to 0.6289 high.
There is also a major bullish trend line forming with support near 0.6245 on the hourly chart of NZD/USD. The first major support is near the 0.6185 zone. The 50% Fib retracement level of the upward move from the 0.6087 swing low to 0.6289 high is also near the 0.6185 level.
The next support could be the 0.6150 zone. If there is a downside break below the 0.6150 support, the pair could extend its decline towards the 0.6080 level.
On the upside, an initial resistance is near the 0.6280 level. The next major resistance is near the 0.6300 level. A clear move above the 0.6300 level might even push the pair towards the 0.6365 level. Any more gains might open the doors for a move towards the 0.6400 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.
Trade global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
