Market Analysis: AUD/USD and NZD/USD Trims Gains, Will Bears Take Full Control
AUD/USD failed to stay in a positive zone and declined below 0.6650. NZD/USD is also moving lower and might extend losses below 0.5845.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
- The Aussie Dollar started a fresh decline from well above 0.6680 against the US Dollar.
- There is a connecting bearish trend line forming with resistance at 0.6610 on the hourly chart of AUD/USD at FXOpen.
- NZD/USD declined steadily from 0.6000 and traded below 0.5900.
- There was a break above a connecting bearish trend line with resistance at 0.5860 on the hourly chart of NZD/USD at FXOpen.
AUD/USD Technical Analysis
On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear 0.6700. The Aussie Dollar started a fresh decline below 0.6650 against the US Dollar.
The pair even settled below 0.6620 and the 50-hour simple moving average. There was a clear move below 0.6600. A low was formed at 0.6581 and the pair is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 0.6706 swing high to the 0.6581 low.
On the upside, immediate resistance is near a connecting bearish trend line at 0.6610 and the 50-hour simple moving average. The next major hurdle for the bulls could be near 0.6645 and the 50% Fib retracement.
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