AUD/USD and NZD/USD Target More Upsides

FXOpen

AUD/USD started a fresh increase from the 0.6965 zone. NZD/USD is also rising and there was a clear move above the 0.6650 resistance.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase after it cleared 0.7000 against the US Dollar.

· There was a break above a couple of bullish patterns near 0.7070 and 0.7130 on the hourly chart of AUD/USD.

· NZD/USD also climbed higher after forming a base above the 0.6540 level.

· There is a major bullish trend line forming with support near 0.6650 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.6965 zone against the US Dollar. The AUD/USD pair traded as low as 0.6967 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7000 and 0.7020 resistance levels. Besides, there was a break above a couple of bullish patterns near 0.7070 and 0.7130 on the hourly chart of AUD/USD. The pair surged above the 0.7150 level and the 50 hourly simple moving average.

It traded as high as 0.7168 and currently consolidating gains. On the downside, an initial support is near the 0.7130 level and the 50 hourly simple moving average.

The next support is near the 23.6% Fib retracement level of the upward move from the 0.6967 swing low to 0.7168 high. If there is a downside break below the 0.7120 support, the pair could extend its decline towards the 0.7070 level.

The 50% Fib retracement level of the upward move from the 0.6967 swing low to 0.7168 high is near the 0.7070 level to provide support. Any more downsides might send the pair toward the 0.7000 level.

On the upside, the pair is facing resistance near the 0.7170 level. The next major resistance is near the 0.7200 level. A close above the 0.7200 level could start a steady increase in the near term. The next major resistance could be 0.7320.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6530 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6580 resistance zone to move into a positive zone.

The pair even traded above the 0.6600 level and the 50 hourly simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the 0.6701 swing high to 0.6529 low.

It is now trading above the 0.6660 level and the 76.4% Fib retracement level of the downward move from the 0.6701 swing high to 0.6529 low.

An immediate resistance is near the 0.6685 level. The first key resistance is near the 0.6700 level. The next major resistance is near the 0.6720 level. A clear move above the 0.6720 level might even push the pair above the 0.6800 level.

On the downside, an initial support is near the 0.6650 level. There is also a major bullish trend line forming with support near 0.6650 on the hourly chart of NZD/USD.

The first key support is near the 0.6645 level and the 50 hourly SMA, below which the pair could extend losses. The next major support is near the 0.6600 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

European Currencies Adjust to Support Levels: Is Growth Possible? NZD/USD Exchange Rate Falls from Nearly 5-Month High Market Analysis: GBP/USD and EUR/GBP Poised For More Losses Dollar Falls After Inflation Data: Is a Change in Medium-Term Trends on the Horizon? USD/CAD Retracts from Nearly 2-Month High

Latest articles

Indices

Nasdaq 100 Index Reaches 20,000 Points for the First Time

On 30 May, we noted some uncertainty in the price behaviour of the Nasdaq 100 (US Tech 100 mini on FXOpen) near the resistance level of 18,840, as shown by arrow #1.

Following this, the price declined and tested

Forex Analysis

European Currencies Adjust to Support Levels: Is Growth Possible?

A week rich in macroeconomic data contributed to the decline of the euro, yen, and pound. Notably, the following events were significant:

  • Inflation falling for the second consecutive month (0.2% against the expected 0.3%);
  • The publication of the
Shares

Adobe's Stock Surges Approximately 15% After Report Publication

On June 5th in the article "Is ADBE Stock Undervalued?", we highlighted several bullish signs, suggesting that the report published on June 13th could be a driver for a resumption of the uptrend.

Adobe's report released on June 13th proved

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.