After starting a downside correction from the 0.6735 zone, the Aussie Dollar is now facing a key bullish trend line with support at 0.6700. The pair managed to clear the 0.6680 resistance and move into a positive zone against the US Dollar. However, there was a decline below the 0.6720 level, leading to a correction in gains. With the initial support near 0.6700, a break below the 0.6680 support could extend the decline towards the 0.6660 level or even further down to 0.6635. On the upside, the AUD/USD pair is facing resistance near 0.6720 and might target the 0.6735 level. An upside break above 0.6735 could pave the way for further gains towards the 0.6760 and 0.6800 resistance levels.
NZD/USD, on the other hand, has shown positive signs with a steady increase from the 0.6045 zone. The pair broke above the 0.6090 resistance and settled above 0.6100. However, it is currently correcting gains after testing the 0.6130 zone. The RSI is still above 50, indicating potential upside movements. Major support is forming near 0.6100 and a trend line, with the next support at 0.6090. A downside break below 0.6090 could lead to further losses towards 0.6065 and potentially 0.6045. Resistance levels to watch include 0.6120 and 0.6130, with a clear move above 0.6130 opening up the path towards 0.6165 and 0.6200 in the coming days.
Both AUD/USD and NZD/USD are currently in correction phases after recent gains. While AUD/USD faces key support levels at 0.6700 and 0.6680, NZD/USD has major support at 0.6100 and 0.6090. Upside potential is evident with resistance levels to break at 0.6720 and 0.6735 for AUD/USD, and 0.6120 and 0.6130 for NZD/USD. Traders should closely monitor these levels for potential trading opportunities in the forex market.
Remember to always conduct thorough research and analysis before making any trading decisions, and consider the risks involved when trading currencies. It’s essential to stay updated on market trends and news to make informed choices in your trading journey. Thank you for reading this technical analysis on AUD/USD and NZD/USD, and we wish you successful trading in the forex market.