AUD/USD is moving higher and might climb further above 0.6870. NZD/USD is also rising and could extend its increase above the 0.6370 resistance zone.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar started a fresh increase above the 0.6760 and 0.6800 levels against the US Dollar.
- There is a bullish flag forming with resistance near 0.6845 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD is gaining bullish momentum above the 0.6320 support.
- There is a short-term contracting triangle forming with support near 0.6320 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6725 support. The Aussie Dollar was able to clear the 0.6760 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6800 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6870 zone. A high is formed near 0.6869 and the pair is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high.
On the downside, initial support is at 0.6820. The next support could be the 50% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high at 0.6800. If there is a downside break below the 0.6800 support, the pair could extend its decline toward the 0.6760 zone.
Any more losses might signal a move toward 0.6660. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6845. There is also a bullish flag forming with resistance near 0.6845.
The first major resistance might be 0.6870. An upside break above the 0.6870 resistance might send the pair further higher. The next major resistance is near the 0.6920 level. Any more gains could clear the path for a move toward the 0.7000 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6240 level. The New Zealand Dollar broke the 0.6290 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6305 and the 50-hour simple moving average. It tested the 0.6370 zone and is currently consolidating gains above the 23.6% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high.
The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near 0.6360. The next major resistance is near the 0.6370 level.
A clear move above the 0.6370 level might even push the pair toward the 0.6400 level. Any more gains might clear the path for a move toward the 0.6500 resistance zone in the coming days.
On the downside, there is a short-term contracting triangle forming with support near 0.6320. The next major support is near the 50% Fib retracement level of the upward wave from the 0.6238 swing low to the 0.6369 high at 0.6305.
If there is a downside break below the 0.6305 support, the pair might slide toward the 0.6290 support. Any more losses could lead NZD/USD in a bearish zone to 0.6240.
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