AUD/USD is moving higher and showing positive signs above 0.6550. NZD/USD is also rising and might aim more upsides above 0.6050.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a decent increase above the 0.6450 and 0.6500 levels against the US Dollar.
· There was a break above a key bearish trend line with resistance near 0.6455 on the hourly chart of AUD/USD.
· NZD/USD is showing a lot of bullish signs above the 0.5950 support zone.
· There was a break above a major bearish trend line with resistance near 0.5880 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6380 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace above the 0.6450 level to move into a positive zone.
There was a clear move above the 0.6500 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.6455 on the hourly chart of AUD/USD.
The pair even climbed above the 0.6550 level and traded as high as 0.6631. It is now correcting gains and trading below the 0.6610 level. On the downside, an initial support is near the 0.6375 level. It is near the 23.6% Fib retracement level of the upward move from the 0.6386 swing low to 0.6631 high.
The next support could be the 0.6550 level. If there is a downside break below the 0.6550 support, the pair could extend its decline towards the 0.6500 level. It is near the 50% Fib retracement level of the upward move from the 0.6386 swing low to 0.6631 high.
On the upside, the AUD/USD pair is facing resistance near the 0.6640 level. The next major resistance is near the 0.6660 level. A close above the 0.6660 level could start a steady increase in the near term. The next major resistance could be 0.6750.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.5840 support zone against the US Dollar. The NZD/USD pair started a steady increase above the 0.5880 and 0.5900 resistance levels.
There was a break above a major bearish trend line with resistance near 0.5880 on the hourly chart of NZD/USD. The bulls even pushed the pair above the 0.6000 resistance and the 50 hourly simple moving average.
A high was formed near 0.6040 and the pair started a downside correction. There was a minor move below the 0.6000 level, but downsides were limited.
An immediate support is near the 0.5990 level. It is close to the 23.6% Fib retracement level of the upward move from the 0.5840 swing low to 0.6040 high. The first major support is near the 0.5940 zone.
The 50% Fib retracement level of the upward move from the 0.5840 swing low to 0.6040 high is also near the 0.5940 level. The next support could be the 0.5900 zone. If there is a downside break below the 0.5900 support, the pair could extend its decline towards the 0.5840 level.
On the upside, an initial resistance is near the 0.6040 level. The next major resistance is near the 0.6065 level. A clear move above the 0.6065 level might even push the pair towards the 0.6120 level. Any more gains might open the doors for a move towards the 0.6200 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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