AUD/USD started a decent increase above the 0.6450 and 0.6500 levels. NZD/USD is also rising and might aim for more gains above 0.6080.
Important Takeaways for AUD USD and NZD USD Analysis Today
The Aussie Dollar rebounded after forming a base above the 0.6400 level against the US Dollar.
There is a connecting bullish trend line forming with support at 0.6510 on the hourly chart of AUD/USD at FXOpen.
NZD/USD is consolidating gains above the 0.6030 zone.
There is a key bullish trend line forming with support at 0.6030 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6450 support. The Aussie Dollar was able to clear the 0.6500 resistance to move into a positive zone against the US Dollar.
There was a close above the 0.6500 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6535 zone. A high was formed near 0.6533 and the pair recently started a consolidation phase.
There was a move below the 0.6520 level. The pair dipped below the 23.6% Fib retracement level of the upward move from the 0.6489 swing low to the 0.6533 high.
On the downside, initial support is near the 0.6510 level. There is also a connecting bullish trend line forming with support at 0.6510. It is close to the 50% Fib retracement level of the upward move from the 0.6489 swing low to the 0.6533 high.
The next major support is near the 0.6480 zone. If there is a downside break below the 0.6480 support, the pair could extend its decline toward the 0.6450 level.
Any more losses might signal a move toward 0.6420. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6535. The first major resistance might be 0.6550. An upside break above the 0.6580 resistance might send the pair further higher.
The next major resistance is near the 0.6600 level. Any more gains could clear the path for a move toward the 0.6650 resistance zone.
NZD/USD Technical Analysis
On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.5990 zone. The New Zealand Dollar broke the 0.6020 resistance to start the recent increase against the US Dollar.
The pair settled above 0.6030 and the 50-hour simple moving average. It tested the 0.6065 zone and is currently consolidating gains. The pair corrected lower below the 0.6050 level and the 23.6% Fib retracement level of the upward move from the 0.6006 swing low to the 0.6064 high.
However, the bulls are active above the 0.6030 level. The NZD/USD chartsuggests that the RSI is stable near 50. On the upside, the pair might struggle near 0.6065. The next major resistance is near the 0.6080 level.
A clear move above the 0.6080 level might even push the pair toward the 0.6120 level. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.
On the downside, immediate support is near the 0.6030 level. There is also a key bullish trend line forming with support at 0.6030. It is close to the 61.8% Fib retracement level of the upward move from the 0.6006 swing low to the 0.6064 high.
The first key support is near the 0.6005 level. The next major support is near the 0.5990 level. If there is a downside break below the 0.5990 support, the pair might slide toward the 0.5970 support. Any more losses could lead NZD/USD in a bearish zone to 0.5950.
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