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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216100, member: 29339"] [B][SIZE=5]AUD/USD and NZD/USD Could Struggle To Recover Losses[/SIZE][/B] [img]https://i.postimg.cc/RZ5w6ZHN/aud.jpg[/img] [I]AUD/USD declined below the 0.6750 and 0.6720 support levels. NZD/USD also declined towards 0.6230 and is currently attempting a recovery wave.[/I] [B]Important Takeaways for AUD/USD and NZD/USD[/B] [LIST] [*] The Aussie Dollar started a fresh decline from well above the 0.6800 level against the US Dollar. [*] There was a break below a connecting bullish trend line with support near 0.6720 on the hourly chart of AUD/USD. [*] NZD/USD declined heavily below the 0.6350 support zone and tested 0.6230. [*] There is a major bearish trend line forming with resistance near 0.6295 on the hourly chart of NZD/USD. [/LIST] [B][SIZE=5]AUD/USD Technical Analysis[/SIZE][/B] The Aussie Dollar started a fresh decline from the 0.6800 zone against the US Dollar. The AUD/USD pair remained in a bearish zone below the 0.6750 level. There was a clear move below the 0.6720 support and the 50 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near 0.6720 on the hourly chart of AUD/USD. [B]AUD/USD Hourly Chart[/B] [img]https://i.postimg.cc/bwxkQfxL/audx.jpg[/img] The pair traded as low as 0.6650 FXOpen and is currently correcting higher. It surpassed the 23.6% Fib retracement level of the downward move from the 0.6767 swing high to 0.6650 low. On the upside, the AUD/USD pair is facing resistance near the 0.6700 level and the 50 hourly simple moving average. The next major resistance is near the 0.6710 level. It is near the 50% Fib retracement level of the downward move from the 0.6767 swing high to 0.6650 low. A close above the 0.6710 level could start another steady increase in the near term. The next major resistance could be 0.6765. On the downside, an initial support is near the 0.6650 level. The next support could be the 0.6620 level. If there is a downside break below the 0.6620 support, the pair could extend its decline towards the 0.6580 level. Any more losses might send the pair towards the 0.6550 support. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.[/I] [/QUOTE]
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