AUD/USD and NZD/USD Eye Key Upside Break

AUD/USD is attempting a recovery wave above the 0.6750 resistance. NZD/USD is also eyeing a key upside break above the 0.6140 resistance.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh decline below the 0.6800 support zone against the US Dollar.

· There is a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD.

· NZD/USD also started a major decline from the 0.6200 resistance zone.

· There is a major bearish trend line forming with resistance near 0.6135 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar attempted a fresh increase above the 0.6800 and 0.6810 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6800 and started another decline.

There was a move below the 0.6750 and 0.6720 support levels. There was a close below the 0.6750 level and the 50 hourly simple moving average. The pair traded as low as 0.6681 and is currently correcting losses.

There was a move above the 0.6725 resistance level. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low.

On the upside, the AUD/USD pair is facing resistance near the 0.6750 level. It is near the 61.8% Fib retracement level of the downward move from the 0.6803 swing high to 0.6681 low. There is also a key bearish trend line forming with resistance near 0.6750 on the hourly chart of AUD/USD.

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 0.6880.

On the downside, an initial support is near the 0.6725 level. The next support could be the 0.6700 level. The main support is near the 0.6680 level. If there is a downside break below the 0.6680 support, the pair could extend its decline towards the 0.6650 level.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6200 zone against the US Dollar. The NZD/USD pair traded below the 0.6150 support zone to enter a bearish zone.

There was a clear move below the 0.6150 zone and the 50 hourly simple moving average. The pair traded as low as 0.6060 and is currently correcting losses. There was a steady move above the 0.6100 resistance zone.

The pair climbed above the 50% Fib retracement level of the downward move from the 0.6171 swing high to 0.6060 low. On the upside, an initial resistance is near the 0.6135 level.

There is also a major bearish trend line forming with resistance near 0.6135 on the hourly chart of NZD/USD. The trend line is near the 61.8% Fib retracement level of the downward move from the 0.6171 swing high to 0.6060 low.

The next major resistance is near the 0.6150 level. A clear move above the 0.6150 level might even push the pair towards the 0.6200 level. If not, the pair might continue lower. On the downside, an initial support is near the 0.6110 level.

The next support could be the 0.6085 zone. If there is a downside break below the 0.6085 support, the pair could extend its decline towards the 0.6000 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.