Market Analysis: AUD/USD and NZD/USD Extend Uptrend as Market Sentiment Turns Bullish

AUD/USD started a fresh increase above 0.6500 and 0.6520. NZD/USD is also rising and might aim for more gains above 0.5750.

Important Takeaways for AUD USD and NZD USD Analysis Today

· The Aussie Dollar started a decent increase above 0.6500 against the US Dollar.

· There is a short-term contracting triangle forming with support at 0.6540 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD is consolidating gains above the 0.5700 handle.

· There is a major bullish trend line forming with support at 0.5730 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 0.6420. The Aussie Dollar was able to clear 0.6500 to move into a positive zone against the US Dollar.

There was a close above 0.6520 and the 50-hour simple moving average. Finally, the pair tested 0.6560. A high was formed near 0.6559 and the pair recently started a short-term downside correction. There was a minor decline below 0.6550.

On the downside, initial support is near a short-term contracting triangle at 0.6540 and the 50-hour simple moving average. The next area of interest could be 0.6520. If there is a downside break below 0.6520, the pair could extend its decline toward the 0.6490 zone and the 50% Fib retracement level of the upward move from the 0.6421 swing low to the 0.6559 high.

Any more losses might signal a move toward 0.6475 and the 61.8% Fib retracement. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6560.

The first major hurdle for the bulls might be 0.6580. An upside break above 0.6580 might send the pair further higher. The next stop is near 0.6620. Any more gains could clear the path for a move toward 0.6650.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair started a fresh increase from 0.5570. The New Zealand Dollar broke the 0.5660 barrier to start the recent rally against the US Dollar.

The pair settled above 0.5700 and the 50-hour simple moving average. It tested 0.5750 and is currently consolidating gains. There was a minor pullback below 0.5740. The NZD/USD chart suggests that the RSI is now just above 50.

On the downside, immediate support is near the 0.5730 level and a major bullish trend line. The first key zone for the bulls sits at 0.5700 and the 23.6% Fib retracement level of the upward move from the 0.5572 swing low to the 0.5743 high.

The next key level is 0.5660. If there is a downside break below 0.5660, the pair might slide toward 0.5610. Any more losses could lead NZD/USD into a bearish zone to 0.5570.

On the upside, the pair might struggle near 0.5745. The next major resistance is near the 0.5760 level. A clear move above 0.5760 might even push the pair toward 0.5790. Any more gains might clear the path for a move toward the 0.5850 zone in the coming days.

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