The AUD/USD pair has experienced a downside correction from the 0.6735 zone recently. Despite starting a fresh increase from the 0.6635 support level, the pair has faced resistance near 0.6720. The ongoing correction has led to a decline below the 0.6720 level, indicating a potential move towards the key support at 0.6700. If this support level is broken, the pair could extend its decline towards 0.6680 and potentially even touch 0.6660. On the upside, resistance is seen near 0.6720 and a breakthrough of this level could push the pair towards 0.6735 and even 0.6760. However, the path above 0.6760 appears to be challenging, with the next major resistance at 0.6800.
Conversely, the NZD/USD pair has shown positive signs by gaining pace above the 0.6100 support zone. After starting a steady increase from the 0.6045 level, the pair broke through the 0.6090 resistance, settling above 0.6100 and the 50-hour simple moving average. However, a correction lower below the 0.6120 level suggests a potential retracement towards the key support at 0.6100. A break below this level could lead the pair towards 0.6090 and even 0.6065 in a bearish scenario. On the upside, resistance is expected near 0.6120 and a clear move above this level could push the pair towards 0.6130 and potentially 0.6165. Further gains may open the path towards the 0.6200 resistance zone in the coming days.
The AUD/USD and NZD/USD pairs are currently undergoing corrective phases after recent price movements. While the AUD/USD pair faces downside pressure towards key support levels, the NZD/USD pair shows potential for further upside gains. Traders should closely monitor key support and resistance levels to assess potential trading opportunities in the forex market. Technical indicators such as moving averages, Fibonacci retracement levels, and trend lines can provide valuable insights into the future price movements of these currency pairs.
Understanding the technical analysis of AUD/USD and NZD/USD pairs is crucial for making informed trading decisions in the foreign exchange market. By evaluating key support and resistance levels, traders can better anticipate potential price movements and manage their risk effectively. Remember that trading forex involves high risk and may not be suitable for all investors. It is essential to conduct thorough research and seek professional advice before engaging in forex trading to enhance your trading experience and protect your capital.
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