AUD/USD and NZD/USD Eye Additional Upsides

FXOpen

AUD/USD started a fresh increase above the 0.7300 zone. NZD/USD is also showing positive signs and there was a clear move above the 0.6850 resistance.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase after it cleared 0.7250 against the US Dollar.

· There was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

· NZD/USD also climbed higher after forming a base above the 0.6720 level.

· There was a move above a major bearish trend line with resistance near 0.6775 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7180 zone against the US Dollar. The AUD/USD pair traded as low as 0.71654 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7220 and 0.7250 resistance levels. The pair surged above the 0.7320 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

AUD/USD Hourly Chart

The pair even broke the 0.7380 resistance zone and traded as high as 0.7393. It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7345 level. The 23.6% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high is also near the 0.7245 level.

The next support could be the 50 hourly simple moving average or 0.7300. It is near the 50% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high.

If there is a downside break below the 0.7300 support, the pair could extend its decline towards the 0.7250 level. Any more downsides might send the pair toward the 0.7200 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7395 level. The next major resistance is near the 0.7400 level. A close above the 0.7400 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 0.6740 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6780 resistance zone to move into a positive zone.

The pair traded above the 0.6820 level and the 50 hourly simple moving average. Besides, there was a move above a major bearish trend line with resistance near 0.6775 on the hourly chart of NZD/USD. It even spiked above the 0.6880 and traded as high as 0.6900.

NZD/USD Hourly Chart

It is now consolidating gains below 0.6900. On the downside, an initial support is near the 0.6870 level. It is close to the 23.6% Fib retracement level of the upward move from the 0.6766 swing low to 0.6900 high.

The next support could be the 0.6930 zone or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the 0.6766 swing low to 0.6900 high. If there is a downside break below the 0.6830 support, the pair could extend its decline towards the 0.6780 level.

An immediate resistance on the upside is near the 0.6890 level. The first key resistance is near the 0.6900 level. The next major resistance is near the 0.6925 level. A clear move above the 0.6925 level might even push the pair towards the 0.7000 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.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

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.

Latest from Forex Analysis

Market Analysis: The American Currency Resumes Growth EUR/USD Analysis: The Rate Updates Its Multi-month Low Market Analysis: Dollar Falls After Inflation Data Release Euro Analysis: ECB Cautions Against Rate Cuts Amid Inflation Battle Market Analysis: GBP/USD Struggles While EUR/GBP Eyes Increase

Latest articles

Shares

Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility

October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors. 1) Bank of AmericaBank of America stock has taken a dive over the

Forex Analysis

Market Analysis: The American Currency Resumes Growth

The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast

Forex Analysis

EUR/USD Analysis: The Rate Updates Its Multi-month Low

Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023. The reason seems to be that in an environment where central banks are

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.