AUD/USD extended its rise above 0.7500 and traded to a new multi-month high above 0.7600. NZD/USD also followed a similar path and climbed towards the 0.7200 zone.
Important Takeaways for AUD/USD and NZD/USD
- The Aussie Dollar gained pace above the 0.7500 and 0.7550 resistance levels against the US Dollar.
- There is a major contracting triangle forming with resistance near 0.7620 on the hourly chart of AUD/USD.
- NZD/USD climbed higher nicely and surpassed the 0.7150 resistance level.
- A key bullish trend line is forming with support near 0.7100 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
In the past few weeks, the Aussie Dollar followed a bullish path after a proper close above 0.7350 against the US Dollar. The AUD/USD pair even broke the 0.7500 resistance level to move into a positive zone.
The upward move gained pace above the 0.7550r resistance and the pair settled well above the 50 hourly simple moving average. The pair even spiked above the 0.7600 level and it traded to a new multi-month high at 0.7639.
Recently, there was a minor downside correction below the 0.7620 level. The pair traded below the 23.6% Fib retracement level of the recent increase from the 0.7538 swing low to 0.7639 high.
The pair is now testing the 0.7600 support level. There is also a major contracting triangle forming with resistance near 0.7620 on the hourly chart of AUD/USD. The triangle support is near the 0.7600 zone and acting as a strong support.
The next major support is near the 0.7590 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent increase from the 0.7538 swing low to 0.7639 high is also near the 0.7590 level to provide support.
If there are more losses and a downside break below 0.7575-0.7580, the pair could extend losses towards the 0.7550 support. Conversely, the pair could start a fresh increase above the 0.7620 resistance zone.
The first major resistance is near the 0.7640 level, above which AUD/USD could accelerate higher towards the 0.7680 level.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a bullish path above the 0.7000 pivot level against the US Dollar. The NZD/USD pair even surged above the 0.7100 resistance zone.
The pair climbed above the 0.7150 level and settled well above the 50 hourly simple moving average. It traded to a new multi-month high at 0.7170 before starting a downside correction.
There was a break below the 0.7150 level. The pair even broke the 23.6% Fib retracement level of the upward move from the 0.7053 swing low to 0.7170 high. The pair is now approaching the key 0.7120 support level and the 50 hourly simple moving average.
There is also a key bullish trend line is forming with support near 0.7100 on the hourly chart of NZD/USD. The trend line is close to the 50% Fib retracement level of the upward move from the 0.7053 swing low to 0.7170 high.
If there is a downside break below the trend line support, there is a risk of more losses towards the 0.7080 and 0.7050 support levels. Conversely, the pair could start a fresh increase above the 0.7150 and 0.7160 resistance levels.
Trade global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
