AUD/USD and NZD/USD Monthly Outlook

FXOpen

AUD/USD found a strong support near 0.7040 and recovered. Similarly, NZD/USD climbed higher recently and broke the 0.6600 resistance area to move into a bullish zone.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar found a strong buying interest near the 0.7040-0.7060 area against the US Dollar.
  • There was a break above a major bearish trend line with resistance at 0.7180 on the daily chart of AUD/USD.
  • NZD/USD also formed a crucial bottom near the 0.6420 level and recovered higher.
  • There was a break above a key bearish trend line with resistance at 0.6550 on the daily chart.

AUD/USD Technical Analysis

After a major decline in the past few weeks, the Aussie Dollar finally found a strong support near the 0.7040 level against the US Dollar. The AUD/USD pair started a major upward move and climbed above the 0.7100 and 0.7200 resistance levels.

During the rise, the pair also broke the 50% Fibonacci retracement level of the last slide from the 0.7451 high to 0.7020 swing low. Besides, there was a close above the 0.7200 barrier and the 50-day simple moving average.

AUD/USD Technical Analysis Chart

More importantly, there was a break above a major bearish trend line with resistance at 0.7180 on the daily chart. The pair even broke the 0.7300 resistance and traded towards the 0.7330 level.

The pair failed to break the 76.4% Fibonacci retracement level of the last slide from the 0.7451 high to 0.7020 swing low and later corrected lower.

However, the recent break above the 0.7250 level and the trend line suggests that the pair moved into a positive zone. Therefore, there are chances of more gains in the near term towards the 0.7400 level. If buyers remain in action, the pair could even test the 0.7530 level, which is near the 1.236 Fib extension level of the last slide from the 0.7451 high to 0.7020 swing low.

On the downside, the key supports are 0.7200 and 0.7180, below which the pair may decline back towards the 0.7100 level.

NZD/USD Technical Analysis

The New Zealand Dollar also gained traction recently after it formed a decent support at 0.6430 against the US Dollar. The NZD/USD pair traded higher and broke the 0.6500 and 0.6600 resistance levels to enter a positive zone.

During the rise, the pair cleared many hurdles near the 0.6600 level and the 0.6650 pivot zone. Moreover, there was a break above a key bearish trend line with resistance at 0.6550 on the daily chart.

NZD/USD Technical Analysis Chart

The pair settled above the 0.6700 resistance and the 50-day simple moving average. A new monthly high was formed at 0.6883 on FXOpen and the pair is currently consolidating gains.

An initial support is near the 0.6700 level and the 38.2% Fib retracement level of the recent upside move from the 0.6427 low to 0.6883 high. Below the 0.6700 support, the pair could test the key 0.6650 support.

The 0.6650 support also coincides with the 50% Fib retracement level of the recent upside move from the 0.6427 low to 0.6883 high. Therefore, dips from the current levels in the medium term remains supported near 0.6700 and 0.6650 levels.

On the upside, a break above the recent high at 0.6883 could spark more gains in NZD/USD above the 0.6850 level. The next major for buyers is at 0.7000, above which the pair could rise to 0.7200.

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

Commodities and European currencies Test Key Supports 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

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

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.