AUD/USD Consolidates Gains While NZD/USD Dips
AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
· The Aussie Dollar started a downside correction from 0.6450 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 0.6400 on the hourly chart of AUD/USD at FXOpen.
· NZD/USD is declining from the 0.6030 resistance zone.
· There is a major bearish trend line forming with resistance near 0.5970 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 0.6345 support. The Aussie Dollar was able to clear the 0.6375 resistance to move into a positive zone against the US Dollar.
There was also a move above the 0.6400 resistance and the 50-hour simple moving average. There was also a break above a key bearish trend line with resistance near 0.6400. Finally, the pair tested the 0.6450 zone. A high was formed near 0.6450 and the pair is now correcting gains.
There was a move below the 0.6420 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6367 swing low to the 0.6449 high.
On the downside, initial support is near the 0.6400 level. It is close to the 61.8% Fib retracement level of the upward move from the 0.6367 swing low to the 0.6449 high. The next major support is near the 0.6360 level.
If there is a downside break below the 0.6360 support, the pair could extend its decline toward the 0.6345 level. Any more losses might signal a move toward 0.6300.
On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6420. The first major resistance might be 0.6450. An upside break above the 0.6450 resistance might send the pair further higher.
The next major resistance is near the 0.6485 level. Any more gains could clear the path for a move toward the 0.6550 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair attempted another wave above the 0.6000 zone but failed. The New Zealand Dollar started another downward move from 0.6000 and dipped below 0.5980 against the US Dollar.
The pair settled below the 0.5970 level and the 50-hour simple moving average. It tested the 0.5930 zone and is currently consolidating losses near the 50% Fib retracement level of the downward move from the 0.6000 swing high to the 0.5928 low.
The NZD/USD chart suggests that the RSI is now well below 50 and signaling more downsides. On the downside, there is major support forming near 0.5945.
The next major support is near the 0.5920 level. If there is a downside break below the 0.5920 support, the pair might slide toward the 0.5880 support. Any more losses could lead NZD/USD in a bearish zone to 0.5840.
On the upside, the pair might struggle near 0.5970 and the 61.8% Fib retracement level of the downward move from the 0.6000 swing high to the 0.5928 low.
There is also a major bearish trend line forming with resistance near 0.5970. The next major resistance is near the 0.5985 level. A clear move above the 0.5985 level might even push the pair toward the 0.6000 level. Any more gains might clear the path for a move toward the 0.6030 resistance zone in the coming days.
Read more: https://fxopen.com/blog/en/aj-aud-usd-consolidates-gains-while-nzd-usd-dips/
Text source: Forex Trading Blog
