After reaching a high near the 0.6735 zone, AUD/USD has started to correct gains against the US Dollar. The pair is currently facing a downside correction, showing signs of weakening momentum. This correction is evident on the hourly chart of AUD/USD at FXOpen, where a key bullish trend line is forming with support at 0.6700. The pair was able to clear the 0.6680 resistance and move into a positive zone, with a close above the 0.6700 resistance and the 50-hour simple moving average. However, the pair is now facing resistance near 0.6720, with the next major resistance at 0.6735. If there is a downside break below the 0.6680 support, the pair could extend its decline towards the 0.6660 level, signaling further losses. On the upside, an upside break above the 0.6735 resistance might send the pair higher, with the next major resistance near the 0.6760 level. Any more gains could potentially clear the path for a move towards the 0.6800 resistance zone.
NZD/USD Steady Increase
On the other hand, NZD/USD is showing more positive signs compared to AUD/USD. The pair started a steady increase from the 0.6045 zone, breaking the 0.6090 resistance and settling above 0.6100. However, the pair is currently correcting gains, trading below the 0.6120 level. The RSI is still above 50, signaling more upsides in the near future. Major support is forming near 0.6100 and a trend line, with the next major support at 0.6090. If there is a downside break below the 0.6090 support, the pair might slide towards the 0.6065 level, entering a bearish zone. On the upside, the pair might face resistance near 0.6120, with the next major resistance at 0.6130. A clear move above the 0.6130 level could push the pair towards the 0.6165 level, with further gains potentially leading to a move towards the 0.6200 resistance zone in the coming days.
While AUD/USD is currently facing a downside correction from the 0.6735 zone, NZD/USD is showing more positive signs of a steady increase. The technical analysis for both pairs suggests potential movements in the near future, with key support and resistance levels to watch out for. Traders and investors in the forex market should carefully analyze these trends and consider their risk management strategies accordingly. As always, it is important to stay updated on market news and events that could impact the movement of these currency pairs. Trading forex requires a thorough understanding of technical analysis and risk management, so it is essential to conduct proper research and seek guidance from experienced professionals in the field.