AUD/USD is following a bearish path and it recently settled below the key 0.6800 support area. NZD/USD is currently recovering, but it is facing many hurdles near 0.6300 and 0.6320.
Important Takeaways for AUD/USD and NZD/USD
- The Aussie Dollar is trading in a bearish zone and it recently tested the 0.6740 level against the US Dollar.
- There is a major bearish trend line forming with resistance near 0.6765 on the hourly chart of AUD/USD.
- NZD/USD is facing a strong resistance near the 0.6300 and 0.6320 levels.
- There is also a major breakout pattern forming with resistance near 0.6312 on the hourly chart.
AUD/USD Technical Analysis
In the past few days, the Aussie Dollar followed a bearish path from the 0.6850 resistance against the US Dollar. The AUD/USD pair broke many key supports near 0.6800 to enter a bearish zone.
The decline was such that the pair even broke the 0.6780 support and the 50 hourly simple moving average. A swing low was formed near 0.6740 on FXOpen and the pair is currently consolidating losses.
An immediate resistance is near the 0.6760 level and the 50 hourly simple moving average. Moreover, the 50% Fib retracement level of the recent decline from the 0.6780 high to 0.6743 low is also near the 0.6760 level.
More importantly, there is a major bearish trend line forming with resistance near 0.6765 on the hourly chart of AUD/USD. The trend line coincides with the 61.8% Fib retracement level of the recent decline from the 0.6780 high to 0.6743 low.
Therefore, an upside break above the trend line is needed for the pair to trade higher towards the 0.6780 and 0.6800 resistance levels. The main resistance is near 0.6800, above which the pair is likely to move into a positive zone.
On the downside, an immediate support is near the 0.6740 level. If the pair breaks the 0.6740 support, there is a risk of more downsides towards the 0.6700 level.
NZD/USD Technical Analysis
The New Zealand Dollar struggled to stay above the 0.6350 level and recently declined against the US Dollar. The NZD/USD pair broke the key 0.6300 support level to enter a bearish zone.
The pair even settled below the 0.6300 level and the 50 hourly simple moving average. The recent swing low was formed near 0.6282 and the pair is currently correcting higher.
It is currently facing a strong resistance near the 0.6300 level and the 50 hourly simple moving average. Moreover, the 38.2% Fib retracement level of the recent drop from the 0.6326 high to 0.6282 low is also acting as a resistance.
More importantly, there is a major breakout pattern forming with resistance near 0.6312 on the hourly chart. The main resistances are near 0.6300, 0.6305, 0.6312, and the 61.8% Fib retracement level of the recent drop from the 0.6326 high to 0.6282 low.
Therefore, the pair needs to surpass the 0.6300 and 0.6320 resistance levels to continue higher in the near term. The next key resistance is near 0.6350, above which it could revisit the 0.6400 level.
Conversely, if there is no upside break above 0.6320, the NZD/USD pair decline again. An immediate support is near the 0.6280 level, below which there is a risk of a downside extension towards the 0.6250 level.
