AUD/USD is moving higher and might climb further higher above 0.6800. NZD/USD is also rising and might surge above the 0.6440 resistance zone.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase above the 0.6720 and 0.6740 levels against the US Dollar.
· There is a key bullish trend line forming with support near 0.6780 on the hourly chart of AUD/USD.
· NZD/USD is showing a lot of bullish signs above the 0.6380 support zone.
· There was a break above a major bearish trend line with resistance near 0.6360 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6660 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace above the 0.6700 level to move into a positive zone.
There was a clear move above the 0.6720 level and the 50 hourly simple moving average. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.6850 swing high to 0.6668 low.
The pair even climbed above the 0.6740 level and traded as high as 0.6778. It is now consolidating gains near the 0.6800 resistance zone.
On the upside, the AUD/USD pair is facing resistance near the 0.6810 level. It is near the 76.4% Fib retracement level of the downward move from the 0.6850 swing high to 0.6668 low. The next major resistance is near the 0.6850 level.
A close above the 0.6850 level could start another steady increase in the near term. The next major resistance could be 0.6920.
On the downside, an initial support is near the 0.6780 level. There is also a key bullish trend line forming with support near 0.6780 on the hourly chart of AUD/USD. The next support could be the 0.6740 level. If there is a downside break below the 0.6740 support, the pair could extend its decline towards the 0.6660 level.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.6300 support zone against the US Dollar. The NZD/USD pair started a steady increase above the 0.6320 and 0.6350 resistance levels.
The bulls even pushed the pair above the 0.6380 resistance and the 50 hourly simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the 0.6442 swing high to 0.6302 low.
Besides, there was a break above a major bearish trend line with resistance near 0.6360 on the hourly chart of NZD/USD. On the upside, an initial resistance is near the 0.6410 level.
The 76.4% Fib retracement level of the downward move from the 0.6442 swing high to 0.6302 low is also near the 0.6410 level. The next major resistance is near the 0.6440 level. A clear move above the 0.6440 level might even push the pair towards the 0.6500 level.
Any more gains might open the doors for a move towards the 0.6550 resistance zone in the coming days. An immediate support is near the 0.6375 level.
The first major support is near the 0.6355 zone. The next support could be the 0.6335 zone. If there is a downside break below the 0.6335 support, the pair could extend its decline towards the 0.6280 level.
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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