AUD/USD started a fresh increase above the 0.7500 resistance zone. NZD/USD also climbed higher and it might aim more upsides towards 0.7250.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a steady increase above the 0.7480 hurdle against the US Dollar.
· There is a key bullish trend line forming with support near 0.7520 on the hourly chart of AUD/USD.
· NZD/USD also gained pace after it broke the 0.7150 resistance.
· There was a break above a major bearish trend line with resistance near 0.7175 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar found formed a base above the 0.7450 level and started a fresh increase against the US Dollar. The AUD/USD pair broke the 0.7480 and 0.7500 resistance levels to move into a positive zone.
The pair even broke the 0.7520 and 0.7540 resistance levels. It settled above the 0.7500 level and the 50 hourly simple moving average. A high was formed near 0.7554 on FXOpen and the pair is now consolidating gains.
It traded below the 23.6% Fib retracement level of the recent wave from the 0.7479 swing low to 0.7554 high. An initial support on the downside is near the 0.7525 level.
The next major support is near the 0.7515 level. It is close to the 50% Fib retracement level of the recent wave from the 0.7479 swing low to 0.7554 high. There is also a key bullish trend line forming with support near 0.7520 on the hourly chart of AUD/USD.
If there is a downside break below the 0.7515 support, the pair could extend its decline towards the 0.7480 level. An immediate resistance is near the 0.7550 level.
The next major resistance is near the 0.7580 level. A close above the 0.7580 level could start a steady increase in the near term. The next major resistance could be 0.7650.
NZD/USD Technical Analysis
The New Zealand Dollar also followed a similar path from the 0.7125 zone against the US Dollar. The NZD/USD pair formed a base near 0.7125 and started a fresh increase.
The pair broke the 0.7150 and 0.7180 resistance levels. There was a break above a major bearish trend line with resistance near 0.7175 on the hourly chart of NZD/USD. It even cleared the 0.7200 level and the 50 hourly simple moving average.
A high was formed near 0.7216 and the pair is now correcting gains. There was a break below the 23.6% Fib retracement level of the upward move from the 0.7131 swing low to 0.7216 high.
An immediate support is near the 0.7175 level and the 50 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the 0.7131 swing low to 0.7216 high. The next major support is near 0.7160.
If there is a downside break below the 0.7160 support, the pair could extend its decline towards the 0.7100 level. On the upside, the bulls are facing hurdles near 0.7200.
The next major resistance is near the 0.7215 level. A close above the 0.7215 level could start a steady increase in the near term. The next major stop for the bulls could be 0.7250.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
Be the first to comment