The AUD/USD currency pair is currently consolidating gains near the 0.6620 zone after experiencing a downside correction from 0.6640 against the US Dollar. The pair managed to clear the 0.6580 resistance and move into a positive zone, with a close above the 0.6600 resistance and the 50-hour simple moving average. However, the pair faced resistance near 0.6640 and is now correcting gains by declining below the 0.6630 level.
In terms of technical analysis, there is a key bullish trend line forming with support at 0.6610 on the hourly chart of AUD/USD at FXOpen. The pair’s next major support is near the 61.8% Fib retracement level at 0.6600, followed by the 0.6580 level. A downside break below 0.6600 could extend the decline towards 0.6545, indicating further losses in the pair.
On the upside, AUD/USD is currently facing resistance near 0.6640, with the potential for further gains if the pair surpasses the 0.6650 resistance. This could clear the path towards the 0.6700 level and potentially lead to a move towards the 0.6740 resistance zone.
NZD/USD Analysis
The NZD/USD currency pair is currently trimming gains and struggling to stay above the 0.6000 pivot zone, as it declines from the 0.6080 resistance zone. The pair started a steady increase from the 0.6000 zone, climbing above the 0.6060 level and the 50-hour simple moving average. However, it tested the 0.6080 zone and is currently correcting gains by trading below the 0.6060 level.
In terms of technical analysis, there is a major bullish trend line forming with support at 0.6010 on the hourly chart of NZD/USD at FXOpen. The pair’s major support is near the 0.5990 level, followed by the 0.5980 support. A downside break below 0.5990 could lead NZD/USD into a bearish zone towards 0.5950, indicating more losses for the pair.
On the upside, NZD/USD might struggle near 0.6035, with the next major resistance at 0.6060. A clear move above 0.6060 could push the pair towards the 0.6080 level and potentially lead to a move towards the 0.6200 resistance zone in the coming days.
Both the AUD/USD and NZD/USD currency pairs are facing key technical levels that could determine their next moves in the forex market. Traders should keep a close eye on the support and resistance levels mentioned in the technical analysis to make informed trading decisions. Trading over 50 forex markets 24 hours a day with FXOpen provides traders with low commissions, deep liquidity, and spreads from 0.0 pips. It is essential to conduct thorough research and analysis before engaging in forex trading to maximize profitability and minimize risks.
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