AUD/USD and NZD/USD Might Regain Bullish Momentum

FXOpen

AUD/USD traded higher but faced sellers near 0.7075. NZD/USD is correcting gains and approaching a key support zone near the 0.6350 level.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.

· There is a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD.

· NZD/USD also started a decent increase after it cleared the 0.6300 resistance zone.

· There was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.

There was a clear move above the 0.7000 resistance zone and the 50 hourly simple moving average. The pair traded as high as 0.7072 on FXOpen and is currently correcting gains. There was a move below the 0.7025 support zone.

AUD/USD Hourly Chart

The pair is now trading near the 50% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high. On the downside, an initial support is near the 0.7000 level.

There is also a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high.

The next support could be the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6900 level. Any more downsides might send the pair toward the 0.6850 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7040 level. The next major resistance is near the 0.7075 level. A close above the 0.7075 level could start a steady increase in the near term. The next major resistance could be 0.7150.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6220 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6300 resistance zone.

There was a clear move above the 0.6350 resistance zone and the 50 hourly simple moving average. Besides, there was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.

NZD/USD Hourly Chart

It even spiked above the 0.6400 level and traded as high as 0.6416. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward move from the 0.6290 swing low to 0.6416 high.

On the downside, an initial support is near the 0.6350 level. It is near the 50% Fib retracement level of the upward move from the 0.6290 swing low to 0.6416 high. The next support could be the 0.6330 zone. If there is a downside break below the 0.6330 support, the pair could extend its decline towards the 0.6300 level.

On the upside, an initial resistance is near the 0.6400 level. The next major resistance is near the 0.6420 level. A clear move above the 0.6420 level might even push the pair towards the 0.6480 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 over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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

Analysis: EUR/USD Close to Year’s Low after ECB Decision USD/JPY Rises to Highest Since 1990 The US Dollar Rose Sharply after Inflation Data. When Is Correction Possible? NZD/USD Rate Increases after the Decision of the Reserve Bank of New Zealand Market Analysis: GBP/USD Recovers While EUR/GBP Dips to Support

Latest articles

Weekly Market Wrap With Gary Thomson: FTSE, NZD/USD, USD, USD/JPY
Financial Market News

Weekly Market Wrap With Gary Thomson: FTSE, NZD/USD, USD, USD/JPY

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • FTSE 100's Holy Grail
Indices

S&P 500 Price Consolidates ahead of Earnings Season

On April 4, we wrote that the S&P 500 is showing signs of weakness around the 5,250 level. How is the situation on the stock market developing by today, which is the start of the reporting season

Forex Analysis

Analysis: EUR/USD Close to Year’s Low after ECB Decision

As predicted by analysts, the European Central Bank did not change the interest rate yesterday, keeping it at = 4.50%. This morning the EUR/USD rate is near the psychological level of 1.0700, which approximately corresponds to the 2024

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.