Market Analysis: AUD/USD & NZD/USD Show Bullish Hints, Can Gains Be Sustained?

AUD/USD started a decent increase above the 0.6440 and 0.6465 levels. NZD/USD is also rising and might aim for more gains above 0.6040.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

• The Aussie Dollar rebounded after forming a base above the 0.6370 level against the US Dollar.
• There was a break above a key bearish trend line with resistance at 0.6470 on the hourly chart of AUD/USD at FXOpen.
• NZD/USD is consolidating gains above the 0.6000 zone.
• There was a break above a major bearish trend line with resistance at 0.5970 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 the 0.6370 support. The Aussie Dollar was able to clear the 0.6400 resistance to move into a positive zone against the US Dollar.

There was a close above the 0.6440 resistance and the 50-hour simple moving average. There was a break above a key bearish trend line with resistance at 0.6470. Finally, the pair tested the 0.6520 zone. A high was formed near 0.6519 and the pair recently started a consolidation phase.

The pair dipped and tested the 23.6% Fib retracement level of the upward move from the 0.6372 swing low to the 0.6519 high.

On the downside, initial support is near the 0.6485 level. The next major support is near the 0.6465 zone. If there is a downside break below the 0.6465 support, the pair could extend its decline toward the 0.6445 level. It is close to the 50% Fib retracement level.

Any more losses might signal a move toward 0.6405. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6520. The first major resistance might be 0.6550. An upside break above 0.6580 might send the pair further higher.

The next major resistance is near the 0.6600 level. Any more gains could clear the path for a move toward 0.6650.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD at FXOpen, the pair started a steady increase from the 0.5880 zone. The New Zealand Dollar broke the 0.5920 resistance to start the recent increase against the US Dollar.

There was a break above a major bearish trend line with resistance at 0.5970. The pair settled above 0.5960 and the 50-hour simple moving average. It tested the 0.6040 zone and is currently consolidating gains.

The pair tested the 23.6% Fib retracement level of the upward move from the 0.5882 swing low to the 0.6040 high. However, the bulls are active above the 0.6000 level.

The NZD/USD chart suggests that the RSI is stable near 60. On the upside, the pair might struggle near 0.6040. The next major resistance is near the 0.6090 level.

A clear move above the 0.6090 level might even push the pair toward 0.6120. Any more gains might clear the path for a move toward the 0.6200 resistance zone in the coming days.

On the downside, immediate support is near the 0.5980 level. The first key support is near 0.5960. It is close to the 50% Fib retracement level.

The next major support is near 0.5920. If there is a downside break below the 0.5920 support, the pair might slide toward 0.5880. Any more losses could lead NZD/USD in a bearish zone to 0.5850.