The Australian Dollar (AUD) has seen a fresh increase against the US Dollar (USD), moving above key resistance levels. On the hourly chart of AUD/USD at FXOpen, the pair started a positive move from the 0.6725 support. After clearing the 0.6760 resistance, the Aussie Dollar was able to enter a positive zone. It also closed above the 0.6800 resistance and the 50-hour simple moving average. The pair tested the 0.6870 zone, forming a high near 0.6869. Currently, the AUD/USD pair is consolidating gains.
There is a minor downward move below the 23.6% Fib retracement level of the upward move from the 0.6724 swing low to the 0.6869 high. Initial support is found at 0.6820, followed by the 50% Fib retracement level at 0.6800. Breaking below this support could extend the pair’s decline towards the 0.6760 zone, potentially signaling a move towards 0.6660.
On the upside, resistance is seen near 0.6845. Additionally, a bullish flag is forming with resistance at 0.6845. The first major resistance level is at 0.6870. If the pair breaks above this level, it could continue its upward momentum. The next major resistance is near the 0.6920 level, with further gains potentially leading to a move towards the 0.7000 resistance zone.
The New Zealand Dollar (NZD) has also experienced a steady increase against the US Dollar (USD), breaking key resistances. On the hourly chart of NZD/USD at FXOpen, the pair began a positive move from the 0.6240 level. Breaking above the 0.6290 resistance, the NZD settled above 0.6305 and the 50-hour simple moving average. It tested the 0.6370 zone and is currently consolidating gains.
The RSI indicator suggests that the NZD/USD pair still has upside potential as it remains above the 50 level. However, the pair might face resistance near 0.6360, followed by the next major resistance level at 0.6370. A clear break above 0.6370 could push the pair towards the 0.6400 level, with further gains opening the path to the 0.6500 resistance zone in the coming days.
On the downside, a short-term contracting triangle is forming with support near 0.6320. The next major support level is near 0.6305, which represents the 50% Fib retracement level of the upward wave. A downside break below 0.6305 could lead to a slide towards the 0.6290 support, and further losses could send NZD/USD into a bearish zone towards 0.6240.
Both AUD/USD and NZD/USD have exhibited bullish momentum, with both pairs surpassing key resistance levels. The AUD/USD pair has entered a positive zone and is testing resistance near 0.6845, with further potential resistance at 0.6870 and 0.6920. On the other hand, the NZD/USD pair has broken above the 0.6290 resistance and is currently consolidating gains, with the potential to reach the 0.6370 and 0.6400 levels.
Please note that this article represents the opinion of the companies operating under the FXOpen brand only, and should not be considered as financial advice.
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