AUD/USD and NZD/USD Remains Supported For More Upsides

Aayush Jindal -

AUD/USD is following a positive zone and it recently broke the 0.7620 resistance. NZD/USD is also trading in a positive zone above the 0.7030 support.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a fresh increase above the 0.7580 and 0.7600 levels against the US Dollar.
  • There is a key bullish trend line forming with support near 0.7630 on the hourly chart of AUD/USD.
  • NZD/USD traded as high as 0.7065 and it is currently correcting lower.
  • There is a major bullish trend line forming with support near 0.7025 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After testing the 0.7550 support zone, the Aussie Dollar started a fresh increase against the US Dollar. The AUD/USD pair broke a few key hurdles near the 0.7580 level to move into a positive zone.

The pair even broke the 0.7600 level and the 50 hourly simple moving average. It traded as high as 0.7676 on FXOpen and recently corrected lower. The recent swing high was formed near 0.7660 and the pair is now trading below the 0.7650 level.

It broke the 23.6% Fib retracement level of the upward move from the 0.7600 swing low to 0.7660 swing high. It is now testing the 0.7635 support level and the 50 hourly simple moving average.

There is also a key bullish trend line forming with support near 0.7630 on the hourly chart of AUD/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 0.7600 swing low to 0.7660 swing high.

If there is a downside break below the trend line, the pair could dive towards the 0.7600 support zone in the near term. On the upside, the pair is facing hurdles near the 0.7650 and 0.7660 levels.

The main resistance is near the 0.7675 level. A successful close above the 0.7660 and 0.7675 levels could open the doors for a steady increase in the coming sessions. The next key resistance could be 0.7720.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path and started a decent increase above the 0.6980 resistance against the US Dollar. The NZD/USD pair even cleared the 0.7000 resistance to move into a positive zone.

The pair climbed higher towards the 0.7060 level and settled above the 50 hourly simple moving average. A high is formed near 0.765 and the pair is currently correcting lower.

It traded below the 23.6% Fib retracement level of the upward move from the 0.6997 swing low to 0.7066 swing high. On the downside, the first key support is near the 0.7030 and 0.7025 levels.

There is also a major bullish trend line forming with support near 0.7025 on the hourly chart of NZD/USD. The trend line coincides with the 50% Fib retracement level of the upward move from the 0.6997 swing low to 0.7066 swing high.

If there is a downside break below the trend line, the pair could decline towards the 0.7000 support. Any more losses may possibly call for a test of 0.6980.

Conversely, the pair could start a fresh increase above 0.7055. The main resistance is near the 0.7065 zone. A clear break and close above the 0.7065 level could push NZD/USD towards the 0.7100 level.