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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216466, member: 29339"] [B][SIZE=5]AUD/USD and NZD/USD 2023 Chart Outlook[/SIZE][/B] [img]https://i.postimg.cc/KzVfdTTc/aud.jpg[/img] [I]AUD/USD started a decent increase in Oct 2022 and climbed above 0.6500. Similarly, NZD/USD was able to clear the 0.6000 resistance zone.[/I] [B]Important Takeaways for AUD/USD and NZD/USD[/B] [LIST] [*] The Aussie Dollar gained pace above the 0.6400 and 0.6500 levels against the US Dollar. [*] There is a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. [*] NZD/USD also started a steady increase above the 0.6000 and 0.6200 levels. [*] There was a clear move above a key bearish trend line with resistance near 0.6270 on the daily chart. [/LIST] [B][SIZE=5]AUD/USD Technical Analysis[/SIZE][/B] In Oct 2022, the Aussie Dollar found support near 0.6200 zone against the US Dollar. The AUD/USD pair remained well bid and started a fresh increase above the 0.6400 resistance zone. The pair climbed higher steadily above the 0.6500 level, but it remained below the 50-day simple moving average. There was a clear move above the 50% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low. [B]AUD/USD Daily Chart[/B] [img]https://i.postimg.cc/8c64DCdR/audx.jpg[/img] However, there are many resistances forming on the upside near the 0.6830 and 0.6850 levels. More importantly, the 50-day simple moving average is positioned near the 0.6850 level. There is also a crucial bearish trend line forming with resistance near 0.6840 on the daily chart of AUD/USD. Only a successful daily close above 0.6850 might start a strong recovery towards the 0.7150 level. The 76.4% Fibonacci retracement level of the last major decline from the 0.7145 high to 0.6170 swing low is also near the 0.7150 level. Any more gains might send the pair towards the 0.7200 level. On the downside, the key supports are 0.6720 and 0.6680, below which the pair may perhaps decline extend its decline towards the 0.6600 and 0.6550 levels. Any more losses might call for a move towards the 0.6400 level. [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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