AUD/USD And NZD/USD Nosedive Below Key Supports

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AUD/USD started a strong decline and traded below the key 0.6600 support area. Similarly, NZD/USD is declining heavily and it could continue to dive below the 0.6250 support.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a major decline from well above 0.6650 against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.6570 on the hourly chart of AUD/USD.
  • NZD/USD is declining heavily and it broke a few key supports near 0.6300.
  • There is a major bearish trend line forming with resistance near 0.6315 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After forming a top near the 0.6700 area, the Aussie Dollar started a major decline below 0.6650 against the US Dollar. The AUD/USD pair even broke the 0.6600 support level to enter a bearish zone.

Moreover, there was a break below the 0.6560 support and the 50 hourly simple moving average. It opened the doors for more losses and the pair traded as low as 0.6527 on FXOpen.

AUD/USD Technical Analysis Aussie Dollar US Dollar

It is currently trading with a strong bearish angle below 0.6550. On the upside, an initial resistance is near the 0.6545 level. Besides, the 23.6% Fib retracement level of the recent decline from the 0.6591 high to 0.6527 low is also near 0.6545.

On the upside, there are a couple of key hurdles seen near the 0.6550 and 0.6555 levels. The 50% Fib retracement level of the recent decline from the 0.6591 high to 0.6527 low is also near 0.6555.

More importantly, is a key bearish trend line forming with resistance near 0.6570 on the hourly chart of AUD/USD. Therefore, it could be very tough for the bulls to start a decent recovery wave above the 0.6550 and 0.6570 levels.

If AUD/USD fails to recover above 0.6550 or 0.6570, there are chances of more downsides. An initial support is near the 0.6525 level, below which there is a risk of a sharp decline. The next major support is seen near the 0.6500 level.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar pattern and declined below the key 0.6300 support area against the US Dollar. The NZD/USD even traded below the 0.6280 support level to enter further into a downtrend.

Finally, there was a close below 0.6270 and the pair settled well below the 50 hourly simple moving average. It traded as low as 0.6245 and it is currently following a bearish path.

NZD/USD Technical Analysis New Zealand Dollar US Dollar

On the upside, an initial resistance is near the 0.6265 level. Besides, the 23.6% Fib retracement level of the recent slide from the 0.6333 high to 0.6245 low is also near 0.6265.

If there is a recovery wave above the 0.6265 and 0.6270, the pair could correct further higher. The next major resistance is near the 0.6290 level. The 50% Fib retracement level of the recent slide from the 0.6333 high to 0.6245 low is also near 0.6290.

Moreover, there is a major bearish trend line forming with resistance near 0.6315 on the hourly chart of NZD/USD. An intermediate resistance is near the 0.6300 level and the 50 hourly simple moving average.

Therefore, the pair must climb above 0.6300 and 0.6315 to start a decent recovery in the near term. Conversely, the NZD/USD pair could decline below the 0.6245 low. The next major support is near the 0.6200 area.

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