Market Analysis: AUD/USD And NZD/USD Advance As Risk Appetite Accelerates

AUD/USD started a fresh increase above 0.6850 and 0.6880. NZD/USD is also rising and might aim for more gains above 0.6000.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a decent increase above 0.6850 against the US Dollar.

· There is a short-term bullish trend line forming with support at 0.6880 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is consolidating gains above the 0.5950 pivot zone.

· There is a key bullish trend line forming with support at 0.5935 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from 0.6725. The Aussie Dollar was able to clear 0.6800 to move into a positive zone against the US Dollar.

There was a close above 0.6880 and the 50-hour simple moving average. Finally, the pair tested 0.6930. A high was formed near 0.6930 and the pair recently started a consolidation phase. There was a minor decline below 0.6920.

On the downside, initial support is near the 23.6% Fib retracement level of the upward move from the 0.6834 swing low to the 0.6930 high. The next area of interest could be near a short-term bullish trend line at 0.6880 and the 50% Fib retracement.

If there is a downside break below 0.6880, the pair could extend its decline toward the 0.6850 zone and the 50-hour simple moving average. Any more losses might signal a move toward 0.6755.

On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6930. The first major hurdle for the bulls might be 0.6950. An upside break above 0.6950 might send the pair further higher. The next stop is near 0.7000. Any more gains could clear the path for a move toward 0.7085.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a fresh increase from 0.5820. The New Zealand Dollar broke the 0.5900 barrier to start the recent rally against the US Dollar.

The pair settled above 0.5920 and the 50-hour simple moving average. It tested 0.5975 and is currently consolidating gains. There was a minor pullback below 0.5960. The NZD/USD chart suggests that the RSI is now just above 70.

On the downside, immediate support is near the 0.5955 level and the 23.6% Fib retracement level of the upward move from the 0.5891 swing low to the 0.5975 high.

The first key zone for the bulls sits at 0.5935, a key bullish trend line, and the 50% Fib retracement. The next key level is 0.5890. If there is a downside break below 0.5890, the pair might slide toward 0.5865. Any more losses could lead NZD/USD into a bearish zone to 0.5820.

On the upside, the pair might struggle near 0.5975. The next major resistance is near the 0.6000 handle. A clear move above 0.6000 might even push the pair toward 0.6050. Any more gains might clear the path for a move toward the 0.6120 zone in the coming days.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.