AUD/USD and NZD/USD Target Additional Losses

FXOpen

AUD/USD started a fresh decline from well above the 0.7400 level. NZD/USD also declined below the 0.7020 and 0.7000 support levels.

Important Takeaways for AUD/USD and NZD/USD

  • The Aussie Dollar started a major decline after it failed to clear 0.7440 against the US Dollar.
  • There is a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD.
  • NZD/USD also started a fresh decline from well above the 0.7050 level.
  • There was a break below a key contracting triangle with support near 0.7015 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

After struggling to clear the 0.7440 resistance, the Aussie Dollar started a major decline against the US Dollar. The AUD/USD pair broke the 0.7400 and 0.7380 support levels to move into a bearish zone.

The pair even broke the 0.7350 support and the 50 hourly simple moving average. Recently, there was a recovery wave, but the pair failed to clear the 0.7400 resistance zone. It is now trading below the 0.7345 level and traded as low as 0.7332 on FXOpen.

It is now consolidating losses above the 0.7335 level. An immediate resistance is near the 0.7355 level and the 50 hourly simple moving average. It is near the 38.2% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low.

The next major resistance is near the 0.7360 level. It is close to the 50% Fib retracement level of the recent decline from the 0.7389 swing high to 0.7332 low.

There is also a major bearish trend line forming with resistance near 0.7365 on the hourly chart of AUD/USD. To move into a positive zone, the pair must settle above 0.7360 and the 50 hourly SMA.

An initial support on the downside is near the 0.7335 level. The next major support is near the 0.7320 level. If there is a downside break below the 0.7320 support, the pair could extend its decline towards the 0.7250 level.

NZD/USD Technical Analysis

The New Zealand Dollar also followed a similar path after it topped near the 0.7080 level against the US Dollar. The NZD/USD pair broke the 0.7050 support zone to move into a bearish zone.

There was also a break below a key contracting triangle with support near 0.7015 on the hourly chart of NZD/USD. The pair traded below the 0.7010 level and the 50 hourly simple moving average. Besides, it spiked below the 61.8% Fib retracement level of the upward move from the 0.6969 swing low to 0.7061 high.

An initial support on the downside is near the 0.6990 level. It is close to the 76.4% Fib retracement level of the upward move from the 0.6969 swing low to 0.7061 high.

The next major support is near the 0.6970 level. If there is a downside break below the 0.6970 support, the NZD/USD pair could extend its decline towards the 0.6925 level. On the upside, an immediate resistance is near the 0.7015 level.

The next major resistance is near the 0.7020 level and the 50 hourly SMA. To move into a positive zone, the pair must settle above 0.7020 and the 50 hourly SMA. In the stated case, the pair is likely to revisit the 0.7070 resistance zone in the near term.

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.

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

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

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.