AUD/USD started a fresh increase above 0.6500 and 0.6550. NZD/USD is also rising and might aim for more gains above 0.5700.
Important Takeaways for AUD USD and NZD USD Analysis Today
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from 0.6500. The Aussie Dollar was able to clear 0.6550 to move into a positive zone against the US Dollar.
There was a close above 0.6500 and the 50-hour simple moving average. Finally, the pair tested 0.6580. A high was formed near 0.6580 and the pair recently started a short-term downside correction. There was a minor decline below 0.6550.
There was a move below the 50% Fib retracement level of the upward move from the 0.6463 swing low to the 0.6580 high. On the downside, initial support is near a key bullish trend line at 0.6510 and the 61.8% Fib retracement.
The next area of interest could be 0.6490. If there is a downside break below 0.6490, the pair could extend its decline toward the 0.6465 zone. 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 0.6540 and the 50-hour simple moving average. The first major hurdle for the bulls might be 0.6550. An upside break above 0.6550 might send the pair further higher. The next stop is near 0.6580. Any more gains could clear the path for a move toward 0.6620.
On the hourly chart of NZD/USD on FXOpen, the pair started a fresh increase from 0.5600. The New Zealand Dollar broke the 0.5650 barrier to start the recent rally against the US Dollar.
The pair settled above 0.5650 and the 50-hour simple moving average. It tested 0.5690 and is currently consolidating gains. There was a minor pullback below 0.5670 and the 23.6% Fib retracement level of the upward move from the 0.5606 swing low to the 0.5691 high.
The NZD/USD chart suggests that the RSI is now below 50. On the downside, immediate support is near the 0.5655 level and a major bullish trend line. The first key zone for the bulls sits at 0.5645 and the 50% Fib retracement.
The next key level is 0.5625. If there is a downside break below 0.5625, the pair might slide toward 0.5605. Any more losses could lead NZD/USD into a bearish zone to 0.5550.
On the upside, the pair might struggle near 0.5670. The next major resistance is near the 0.5690 level. A clear move above 0.5690 might even push the pair toward 0.5740. Any more gains might clear the path for a move toward the 0.5800 handle in the coming days.
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