AUD/USD started a fresh decline from well above the 0.7550 level. NZD/USD also declined heavily and it even tested the 0.6920 support zone.

Important Takeaways for AUD/USD and NZD/USD

• The Aussie Dollar started a major decline after it failed to clear 0.7600 against the US Dollar.
• There is a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD.
• NZD/USD also started a major decline from well above the 0.7050 level.
• There is a major bearish trend line forming with resistance near 0.6975 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After struggling to clear the 0.7600 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7550 and 0.7520 support levels to move into a bearish zone.

The pair even broke the 0.7480 support and the 50 hourly simple moving average. It spiked below 0.7420 and traded as low as 0.7409 on FXOpen. It is now consolidating losses above the 0.7400 level.

An immediate resistance is near the 0.7430 level. It is near the 23.6% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low. There is also a key bearish trend line forming with resistance near 0.7435 on the hourly chart of AUD/USD.

The next major resistance is near the 0.7465 level and the 50 hourly SMA. The 50% Fib retracement level of the recent decline from the 0.7533 swing high to 0.7409 low is also near the 0.7470 level.

To move into a positive zone, the pair must settle above 0.7470 and the 50 hourly SMA. An initial support on the downside is near the 0.7410 level. The next major support is near the 0.7400 level. If there is a downside break below the 0.7400 support, the pair could extend its decline towards the 0.7350 level.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path after it topped near the 0.7100 level against the US Dollar. The NZD/USD pair broke the main 0.7000 support zone to move into a bearish zone.

There was a also a break below the 0.6950 level and the 50 hourly simple moving average. It spiked below 0.6940 and traded as low as 0.6923. It is now consolidating losses above the 0.6930 level.

An immediate resistance is near the 0.6955 level. It is near the 23.6% Fib retracement level of the recent drop from the 0.7061 swing high to 0.6923 low. There is also a major bearish trend line forming with resistance near 0.6975 on the hourly chart of NZD/USD.

The next major resistance is near the 0.6990 level and the 50 hourly SMA. The 50% Fib retracement level of the recent drop from the 0.7061 swing high to 0.6923 low is also near the 0.6990 level.

To move into a positive zone, the pair must settle above 0.7000 and the 50 hourly SMA. An initial support on the downside is near the 0.6925 level. The next major support is near the 0.6900 level.

If there is a downside break below the 0.6900 support, the NZD/USD pair could extend its decline towards the 0.6865 level.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

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