AUD/USD and NZD/USD Could Eye Fresh Increase
Updated
AUD/USD started a recovery wave above the 0.7000 resistance. NZD/USD is also showing a lot of positive signs above the 0.6300 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 was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD.
· NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone.
· There was a move above a major bearish trend line with resistance near 0.6335 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 break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.
The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level.
The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.
A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220.
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 was a break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD.
· NZD/USD also started a decent increase after it cleared the 0.6250 resistance zone.
· There was a move above a major bearish trend line with resistance near 0.6335 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 break above a key bearish trend line with resistance near 0.6970 on the hourly chart of AUD/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.
The pair even settled above the 0.7000 level and the 50 hourly simple moving average. It is now consolidating gains above the 0.7000 level. On the downside, an initial support is near the 0.7000 level.
The next support could be the 0.6980 level and the 50 hourly simple moving average. The main support is near the 0.6950 level. If there is a downside break below the 0.6950 support, the pair could extend its decline towards the 0.6850 level. Any more downsides might send the pair toward the 0.6780 level.
On the upside, the AUD/USD pair is facing resistance near the 0.7050 level. The next major resistance is near the 0.7080 level. It is near the 61.8% Fib retracement level of the downward move from the 0.7226 swing high to 0.6850 low.
A close above the 0.7080 level could start a steady increase in the near term. The next major resistance could be 0.7220.
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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