AUD/USD is following a bullish path and eyeing an upside break above the 0.6400 resistance zone. Similarly, NZD/USD must break 0.6020-0.6040 for upside continuation.
Important Takeaways for AUD/USD and NZD/USD
- The Aussie Dollar started a fresh increase from the 0.6250 support zone against the US Dollar.
- There is a key bullish trend line forming with support near 0.6340 on the hourly chart of AUD/USD.
- NZD/USD is facing a couple of major hurdles near the 0.6020 and 0.6040 levels.
- There is a connecting bearish trend line forming with resistance near 0.6020 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar remained well bid above the 0.6250 and 0.6260 levels against the US Dollar. As a result, the AUD/USD pair started a fresh increase and climbed above the 0.6320 resistance.
The upward move gained pace above the 0.6350 level and the 50 hourly simple moving average. It opened the doors for more gains above the 0.6380 level.
However, the pair faced a strong selling interest near the 0.6400 level. A high is formed near 0.6405 on FXOpen and it is currently correcting lower. There was a break below the 0.6380 level.
Moreover, the pair traded below the 23.6% Fib retracement level of the recent rise from the 0.6282 low to 0.6405 high. On the downside, there is a key support forming near the 0.6340 level and the 50 hourly simple moving average.
There is also a key bullish trend line forming with support near 0.6340 on the hourly chart of AUD/USD. The trend line coincides with the 50% Fib retracement level of the recent rise from the 0.6282 low to 0.6405 high.
Therefore, dips remain well supported on the downside near the 0.6340 level. Any further losses could lead the pair towards the 0.6260 support zone. On the upside, an initial resistance is near the 0.6380 level.
The main resistance is still near the 0.6400 level, above which the pair may perhaps rally towards the 0.6450 and 0.6460 levels in the near term.
NZD/USD Technical Analysis
The New Zealand Dollar faced an increase in selling pressure this week below the 0.6000 level against the US Dollar. The NZD/USD pair traded below the 0.5960 support, but it found support near the 0.5910 level.
It recovered nicely in the past few sessions and surged above 0.6000. However, the bulls failed to clear the 0.6050 and 0.6040 levels. A high is formed near 0.6041 and the pair is currently correcting lower.
There was a break below the 0.6000 level. Besides, the pair traded below the 23.6% Fib retracement level of the recent rise from the 0.5910 low to 0.6041 high.
On the downside, there is a strong support forming near the 0.5975 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent rise from the 0.5910 low to 0.6041 high is also close to 0.5975.
If NZD/USD fails to stay above the 0.5975 support, it could start a fresh decline towards the 0.5920 and 0.5910 levels. On the upside, the pair is facing a couple of major hurdles near the 0.6020 and 0.6040 levels.
There is also a connecting bearish trend line forming with resistance near 0.6020 on the hourly chart of NZD/USD. Therefore, a break above 0.6020 and 0.6040 is needed for a push towards 0.6100.
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