AUD/USD started a decent increase above the 0.6200 and 0.6250 levels. NZD/USD is also rising and might aim for more gains above 0.5685.
Important Takeaways for AUD USD and NZD USD Analysis Today
- The Aussie Dollar rallied after forming a base above the 0.6165 level against the US Dollar.
- There is a key bullish trend line forming with support at 0.6290 on the hourly chart of AUD/USD at FXOpen.
- Â NZD/USD is consolidating gains from the 0.5650 zone.
- There is a major bullish trend line forming with support at 0.5685 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 0.6165 support. The Aussie Dollar was able to clear the 0.6200 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6250 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6330 zone. A high was formed near 0.6330 and the pair recently saw a minor pullback.
There was a move below the 0.6310 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6164 swing low to the 0.6330 high. On the downside, initial support is near a key bullish trend line at 0.6290 and the 50-hour simple moving average.
The next major support is near the 50% Fib retracement level of the upward move from the 0.6164 swing low to the 0.6330 high at 0.6245.
If there is a downside break below the 0.6245 support, the pair could extend its decline toward the 0.6200 level. Any more losses might signal a move toward 0.6165.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6330. The first major resistance might be 0.6350. An upside break above the 0.6350 resistance might send the pair further higher.
The next major resistance is near the 0.6365 level. Any more gains could clear the path for a move toward the 0.6400 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.5565 zone. The New Zealand Dollar broke the 0.5600 resistance to start the recent increase against the US Dollar.
The pair settled above 0.5650 and the 50-hour simple moving average. It tested the 0.5720 zone and is currently correcting gains. The pair corrected lower below the 0.5700 level. The NZD/USD chart suggests that the RSI is now approaching 40.
On the downside, immediate support is near the 23.6% Fib retracement level of the upward wave from the 0.5563 swing low to the 0.5723 high at 0.5685.
There is also a major bullish trend line forming with support at 0.5685. The first key support is near the 50% Fib retracement level of the upward wave from the 0.5563 swing low to the 0.5723 high at 0.5645.
The next major support is near the 0.5600 level. If there is a downside break below the 0.5600 support, the pair might slide toward the 0.5565 support. Any more losses could lead NZD/USD in a bearish zone to 0.5520.
On the upside, the pair might struggle near 0.5720. The next major resistance is near the 0.5735 level. A clear move above the 0.5735 level might even push the pair toward the 0.5780 level. Any more gains might clear the path for a move toward the 0.5850 resistance zone in the coming days.
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