AUD/USD is facing strong resistance near the 0.6660 area. NZD/USD is also struggling to clear the 0.5900 resistance zone.
Important takeaways for AUD/USD and NZD/USD
· The Australian dollar started a fresh decline from well above the 0.6700 area against the US dollar.
· There is a key bearish trend line forming with resistance near 0.6650 on the AUD/USD hourly chart.
· NZD/USD started an upward correction from the 0.5800 support zone.
· There is a connecting bearish trend line forming with resistance near 0.5850 on the NZD/USD hourly chart.
AUD/USD Technical Analysis
The Australian dollar failed to hold above the 0.6700 level and started a new decline against the US dollar. The AUD/USD pair traded below the 0.6650 support zone to move into a bearish zone.
There was a clear move below the 0.6620 level and the 50-hour simple moving average. The pair traded as high as 0.6575 on FXOpen and recently started an upward correction. There was a move above the 0.6620 level… Read more: blog FXOpen
