AUD/USD and NZD/USD Might Regain Bullish Momentum
Updated
AUD/USD traded higher but faced sellers near 0.7075. NZD/USD is correcting gains and approaching a key support zone near the 0.6350 level.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
· There is a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD.
· NZD/USD also started a decent increase after it cleared the 0.6300 resistance zone.
· There was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.
There was a clear move above the 0.7000 resistance zone and the 50 hourly simple moving average. The pair traded as high as 0.7072 on FXOpen and is currently correcting gains. There was a move below the 0.7025 support zone.
The pair is now trading near the 50% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high. On the downside, an initial support is near the 0.7000 level.
There is also a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high.
The next support could be the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6900 level. Any more downsides might send the pair toward the 0.6850 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7040 level. The next major resistance is near the 0.7075 level. A close above the 0.7075 level could start a steady increase in the near term. The next major resistance could be 0.7150.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.
· There is a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD.
· NZD/USD also started a decent increase after it cleared the 0.6300 resistance zone.
· There was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.
There was a clear move above the 0.7000 resistance zone and the 50 hourly simple moving average. The pair traded as high as 0.7072 on FXOpen and is currently correcting gains. There was a move below the 0.7025 support zone.
The pair is now trading near the 50% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high. On the downside, an initial support is near the 0.7000 level.
There is also a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD. The trend line is near the 61.8% Fib retracement level of the upward move from the 0.6949 swing low to 0.7072 high.
The next support could be the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6900 level. Any more downsides might send the pair toward the 0.6850 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7040 level. The next major resistance is near the 0.7075 level. A close above the 0.7075 level could start a steady increase in the near term. The next major resistance could be 0.7150.
Note
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
Disclaimer
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