AUD/USD and NZD/USD Could Gain Bullish Momentum

FXOpen

AUD/USD started a fresh increase above the 0.6700 resistance zone. NZD/USD is rising and might aim a move above the 0.6300 resistance.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase above the 0.6700 resistance against the US Dollar.

· There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD.

· NZD/USD started a decent increase above the 0.6250 resistance zone.

· There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near 0.6620 and started a decent increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6650 resistance.

The pair even moved above the 0.6685 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near 0.6692 on the hourly chart of AUD/USD. The bulls were able to pump the pair above 0.6720 and the 50 hourly simple moving average.

AUD/USD Hourly Chart

A high is formed near 0.6737 on FXOpen and the pair is now consolidating gains. On the downside, an initial support is near the 0.6720 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

The next support could be the 0.6700 level or the 50 hourly simple moving average or the 50% Fib retracement level of the recent increase from the 0.6661 swing low to 0.6737 high.

If there is a downside break below the 0.6700 support, the pair could extend its decline towards the 0.6650 level. On the upside, the AUD/USD pair is facing resistance near the 0.6740 level. The next major resistance is near the 0.6780 level.

A close above the 0.6780 level could start another steady increase in the near term. The next major resistance could be 0.6850.

NZD/USD Technical Analysis

The New Zealand Dollar started a decent increase from the 0.6200 support zone against the US Dollar. The NZD/USD pair climbed above the 0.6220 and 0.6240 resistance levels.

The bulls pushed the pair above the 0.6250 level and the 50 hourly simple moving average. There was a clear move above a key bearish trend line with resistance near 0.6265 on the hourly chart of NZD/USD.

NZD/USD Hourly Chart

The pair even traded close to the 0.6300 level. A high is formed near 0.6297 and the pair is now consolidating gains. An immediate support is near the 0.6275 level. It is near the 23.6% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high.

The next support could be the 0.6260 zone. If there is a downside break below the 0.6260 support, the pair could extend its decline.

In the stated case, the pair may perhaps decline towards the 0.6240 support level or the 61.8% Fib retracement level of the recent increase from the 0.6203 swing low to 0.6297 high. Any more losses could set the pace for a test of the 0.6200 level.

On the upside, an initial resistance is near the 0.6295 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 0.6340 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.

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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.

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