AUD/USD Aims Higher While NZD/USD Faces Resistance
[You must be registered and logged in to see this image.]
AUD/USD is gaining pace above the 0.6950 resistance. NZD/USD is struggling to clear a key barrier near the 0.6250 resistance.
Important Takeaways for AUD/USD and NZD/USD
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6850 and 0.6860 levels against the US Dollar. The AUD/USD pair started a steady increase after it cleared the 0.6900 resistance zone.
There was a clear move above the 0.6920 resistance and the 50 hourly simple moving average. The pair even broke the 0.6950 hurdle and traded as high as 0.6991 on FXOpen. Recently, there was a minor downside correction below the 0.6980 level.
AUD/USD Hourly Chart
[You must be registered and logged in to see this image.]
The pair dipped below the 23.6% Fib retracement level of the upward move from the 0.6879 swing low to 0.6991 high. However, the pair stayed above the 0.6950 level and the 50 hourly simple moving average.
There is also a short-term contracting triangle forming with support near 0.6955 on the hourly chart of AUD/USD. On the downside, an initial support is near the 0.6955 level.
The next support could be the 0.6935 level. It is near the 50% Fib retracement level of the upward move from the 0.6879 swing low to 0.6991 high. If there is a downside break below the 0.6935 support, the pair could extend its decline towards the 0.6850 level.
On the upside, the AUD/USD pair is facing resistance near the 0.6975 level. The next major resistance is near the 0.7000 level. A close above the 0.7000 level could start a steady increase in the near term. The next major resistance could be 0.7080.
VIEW FULL ANALYSIS VISIT - FXOpen Blog
[You must be registered and logged in to see this image.]
AUD/USD is gaining pace above the 0.6950 resistance. NZD/USD is struggling to clear a key barrier near the 0.6250 resistance.
Important Takeaways for AUD/USD and NZD/USD
- The Aussie Dollar started a fresh increase above the 0.6950 resistance zone against the US Dollar.
- There is a short-term contracting triangle forming with support near 0.6955 on the hourly chart of AUD/USD.
- NZD/USD started an upside correction from the 0.6160 support zone.
- There is a connecting bearish trend line forming with resistance near 0.6230 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6850 and 0.6860 levels against the US Dollar. The AUD/USD pair started a steady increase after it cleared the 0.6900 resistance zone.
There was a clear move above the 0.6920 resistance and the 50 hourly simple moving average. The pair even broke the 0.6950 hurdle and traded as high as 0.6991 on FXOpen. Recently, there was a minor downside correction below the 0.6980 level.
AUD/USD Hourly Chart
[You must be registered and logged in to see this image.]
The pair dipped below the 23.6% Fib retracement level of the upward move from the 0.6879 swing low to 0.6991 high. However, the pair stayed above the 0.6950 level and the 50 hourly simple moving average.
There is also a short-term contracting triangle forming with support near 0.6955 on the hourly chart of AUD/USD. On the downside, an initial support is near the 0.6955 level.
The next support could be the 0.6935 level. It is near the 50% Fib retracement level of the upward move from the 0.6879 swing low to 0.6991 high. If there is a downside break below the 0.6935 support, the pair could extend its decline towards the 0.6850 level.
On the upside, the AUD/USD pair is facing resistance near the 0.6975 level. The next major resistance is near the 0.7000 level. A close above the 0.7000 level could start a steady increase in the near term. The next major resistance could be 0.7080.
VIEW FULL ANALYSIS VISIT - FXOpen Blog