AUD/USD has recently shown signs of a recovery wave after finding support near 0.6590. The pair experienced a break above a key bearish trend line with resistance at 0.6630. This movement indicates that the Aussie Dollar is now attempting to recover against the US Dollar.
On the hourly chart of AUD/USD, there was a dip from the 0.6700 resistance zone. However, the bulls were able to maintain activity near 0.6600, leading to a low near 0.6590. The pair has since corrected losses and is now above the 50-hour simple moving average.
In terms of technical analysis, immediate resistance for AUD/USD is near the 76.4% Fib retracement level at 0.6675. The first major resistance level is at 0.6705, followed by levels at 0.6750, 0.6780, and potentially even 0.6800 and 0.6820. On the downside, initial support is near 0.6660, with further support at 0.6630 or the 50-hour simple moving average.
NZD/USD, on the other hand, is showing potential for bullish momentum as it attempts a recovery wave above the 0.6110 resistance level. The pair faced resistance near the 50% Fib retracement level of the downward move from the 0.6220 swing high to the 0.6096 low. There is also a major bearish trend line forming with resistance near 0.6150.
After dropping below the 50-hour simple moving average and testing 0.6100, NZD/USD is now back above the 0.6110 level. Further upside potential lies near the 61.8% Fib retracement level at 0.6175. If the pair can break above this level, it could rise toward the 0.6220 resistance and potentially even reach the 0.6250 resistance zone.
Immediate support for NZD/USD is near 0.6125, followed by the 0.6110 zone. A downside break below 0.6110 could lead to a further decline toward the 0.6095 level, with the next key support at 0.6095.
Both AUD/USD and NZD/USD are currently experiencing interesting movements in their respective charts. While AUD/USD is on a recovery wave with potential resistance levels at 0.6705, 0.6750, and beyond, NZD/USD is showing signs of bullish momentum with resistance levels at 0.6175 and 0.6220. Traders should closely monitor key support and resistance levels to make informed decisions based on the technical analysis provided.
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