AUD/USD and NZD/USD Eye Additional Upsides

FXOpen

AUD/USD started a fresh increase above the 0.7300 zone. NZD/USD is also showing positive signs and there was a clear move above the 0.6850 resistance.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase after it cleared 0.7250 against the US Dollar.

· There was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

· NZD/USD also climbed higher after forming a base above the 0.6720 level.

· There was a move above a major bearish trend line with resistance near 0.6775 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar found support near the 0.7180 zone against the US Dollar. The AUD/USD pair traded as low as 0.71654 on FXOpen before it started a fresh increase.

There was a clear move above the 0.7220 and 0.7250 resistance levels. The pair surged above the 0.7320 level and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near 0.7235 on the hourly chart of AUD/USD.

AUD/USD Hourly Chart

The pair even broke the 0.7380 resistance zone and traded as high as 0.7393. It is now consolidating gains below 0.7350. On the downside, an initial support is near the 0.7345 level. The 23.6% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high is also near the 0.7245 level.

The next support could be the 50 hourly simple moving average or 0.7300. It is near the 50% Fib retracement level of the upward move from the 0.7205 swing low to 0.7393 high.

If there is a downside break below the 0.7300 support, the pair could extend its decline towards the 0.7250 level. Any more downsides might send the pair toward the 0.7200 level.

On the upside, the AUD/USD pair is facing resistance near the 0.7395 level. The next major resistance is near the 0.7400 level. A close above the 0.7400 level could start a steady increase in the near term. The next major resistance could be 0.7450.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path from the 0.6740 zone against the US Dollar. The NZD/USD pair gained pace above the 0.6780 resistance zone to move into a positive zone.

The pair traded above the 0.6820 level and the 50 hourly simple moving average. Besides, there was a move above a major bearish trend line with resistance near 0.6775 on the hourly chart of NZD/USD. It even spiked above the 0.6880 and traded as high as 0.6900.

NZD/USD Hourly Chart

It is now consolidating gains below 0.6900. On the downside, an initial support is near the 0.6870 level. It is close to the 23.6% Fib retracement level of the upward move from the 0.6766 swing low to 0.6900 high.

The next support could be the 0.6930 zone or the 50 hourly simple moving average. It is near the 50% Fib retracement level of the upward move from the 0.6766 swing low to 0.6900 high. If there is a downside break below the 0.6830 support, the pair could extend its decline towards the 0.6780 level.

An immediate resistance on the upside is near the 0.6890 level. The first key resistance is near the 0.6900 level. The next major resistance is near the 0.6925 level. A clear move above the 0.6925 level might even push the pair towards the 0.7000 level.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. 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.

Latest from Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News GBP/USD Price Falls to 1.26 after Bank of England Decision

Latest articles

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

What Is a Megaphone Pattern and How Can You Trade It?
Trader’s Tools

What Is a Megaphone Pattern and How Can You Trade It?

Chart patterns have been used to analyse financial markets for a long time. One popular formation in forex and other markets is the Megaphone. In this text by FXOpen, we'll explain what the setup is and how to trade using

Indices

NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels

On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:

→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.