The AUD/USD pair is currently attempting to recover from the 0.6590 support level against the US Dollar. After finding support near this level, there was a break above a key bearish trend line with resistance at 0.6630 on the hourly chart of AUD/USD at FXOpen. The pair dipped from the 0.6700 resistance zone, declining below 0.6660 before finding support near 0.6600. A low was formed near 0.6590 and now the pair is correcting losses. The 50-hour simple moving average has been surpassed, with immediate resistance near the 76.4% Fib retracement level at 0.6675. Further resistance levels include a rising channel at 0.6705, followed by major resistance at 0.6780 and 0.6800. On the downside, initial support is near 0.6660, with the possibility of reaching the 0.6630 zone or the 0.6590 support level if losses continue.
In a similar pattern to AUD/USD, the NZD/USD pair faced a decline from the 0.6220 zone, dropping below 0.6150 against the US Dollar. The pair tested 0.6100 and formed a low near 0.6095 before attempting a fresh increase. Currently, it is back above the 0.6110 level and the 50-hour simple moving average. Resistance levels include the 50% Fib retracement level at 0.6175 and a major bearish trend line near 0.6150. If the pair manages to move above 0.6175, it could rise towards the 0.6220 resistance level. On the downside, immediate support is near 0.6125, followed by the 0.6110 zone. A break below 0.6110 could lead to further decline towards the 0.6095 level.
Both the AUD/USD and NZD/USD pairs are currently navigating recovery waves against the US Dollar. While AUD/USD has found support near 0.6590 and is showing signs of a potential upside move, NZD/USD is also trying to gain bullish momentum above the 0.6110 resistance level. Traders are advised to keep a close eye on key resistance and support levels to gauge the future direction of these currency pairs. The possibility of further gains towards significant resistance levels exists, but a breakdown below key support levels could also signal a reversal in trend. As always, it is crucial for traders to conduct thorough analysis and risk management to navigate the volatile forex markets successfully.