The AUD/USD pair has been experiencing a rollercoaster of movement, with a recent recovery attempt from the 0.6590 support level. After a decline from the 0.6700 resistance zone, the pair found a new low near 0.6590 before starting to correct its losses. The bulls stepped in near 0.6600 and pushed the pair higher, breaking above a key bearish trend line with resistance at 0.6630. This move above the trend line signals a potential shift in momentum for the pair. Currently, the pair is trading above 0.6660 and the 50-hour simple moving average, with immediate resistance near the 76.4% Fib retracement level at 0.6675. If the pair manages to break above the rising channel at 0.6705, it could pave the way for a move towards 0.6750 and beyond. However, failure to sustain above the current levels could lead to a retest of the support levels at 0.6660, 0.6630, and possibly even 0.6590.
NZD/USD Technical Analysis
Similarly, the NZD/USD pair has been on a downward path, falling from the 0.6220 zone and testing support near 0.6100. However, a recent bounce from the 0.6095 level has led to a recovery attempt, bringing the pair back above 0.6110 and the 50-hour simple moving average. The pair is currently facing resistance near the 50% Fib retracement level at 0.6150, with a major bearish trend line forming at this level. If the pair manages to break above this trend line and the 61.8% Fib retracement level at 0.6175, it could open the doors for a move towards the 0.6220 resistance zone. Further gains could potentially lead to a test of the 0.6250 resistance level. On the downside, immediate support is near 0.6125, followed by the 0.6110 zone. A break below these levels could trigger a renewed downtrend towards the 0.6095 support level.
Both the AUD/USD and NZD/USD pairs are currently in the midst of recovery attempts following recent declines. The AUD/USD pair is showing signs of bullish momentum, with a break above key resistance levels potentially setting the stage for further gains. On the other hand, the NZD/USD pair is also attempting to bounce back from recent lows, but faces strong resistance levels that need to be overcome for a sustained recovery. Traders should keep a close eye on key levels and trend lines to gauge the strength of the recovery waves in both pairs.