The AUD/USD pair has been consolidating gains near the 0.6620 zone, showing signs of potential downside correction from the 0.6640 level. The technical analysis indicates that there is a key bullish trend line forming with support at 0.6610 on the hourly chart of AUD/USD at FXOpen. The pair started a fresh increase from the 0.6500 support, clearing the 0.6580 resistance and moving into a positive zone against the US Dollar. However, the pair faced resistance near 0.6640 and is now correcting gains, with initial support at 0.6610 and the next major support at 0.6600. If the pair breaks below the 0.6600 support, it could extend its decline towards 0.6580 and potentially 0.6545. On the upside, resistance levels are at 0.6640, 0.6650, and 0.6700, with further gains towards the 0.6740 resistance zone.
NZD/USD Trimmed Gains
NZD/USD, on the other hand, is trimming gains and struggling to stay above the 0.6000 pivot zone. The pair is declining from the 0.6080 resistance zone, with a major bullish trend line forming with support at 0.6010 on the hourly chart of NZD/USD at FXOpen. The pair started a steady increase from the 0.6000 zone, breaking the 0.6035 resistance and climbing above 0.6060. However, it is currently correcting gains, showing signs of potential downside movements. The RSI is below 50, signaling more possible downsides for the pair. Major support levels are at 0.6010, 0.5990, and 0.5980, with a bearish zone potentially leading the pair to 0.5950. Resistance levels are at 0.6035, 0.6060, and a possible push towards the 0.6080 level.
Both the AUD/USD and NZD/USD pairs are facing potential corrections from recent highs, with AUD/USD consolidating gains near the 0.6620 zone and NZD/USD struggling to stay above the 0.6000 pivot zone. Traders should closely monitor the key support and resistance levels outlined in the technical analysis to make informed decisions regarding their positions in these currency pairs. Additionally, considering the current market volatility and economic uncertainties, it is crucial for traders to exercise caution and implement risk management strategies in their trading activities to mitigate potential losses and maximize profitability.