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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 343024, member: 104606"] [B][SIZE=5]Market Analysis: AUD/USD and NZD/USD Remain In Uptrend[/SIZE][/B] [img]https://i.imgur.com/3B5xHrz.jpeg[/img] [I]AUD/USD is correcting gains from the 0.6620 zone. NZD/USD is also moving lower and might attempt a fresh increase from 0.6000.[/I] [B]Important Takeaways for AUD USD and NZD USD Analysis Today[/B] [LIST] [*] The Aussie Dollar started a downside correction from 0.6620 against the US Dollar. [*] There is a key bullish trend line forming with support at 0.6550 on the hourly chart of AUD/USD at FXOpen. [*] NZD/USD is also moving lower below the 0.6030 support zone. [*] There is a major bullish trend line forming with support at 0.5995 on the hourly chart of NZD/USD at FXOpen. [/LIST] [B][SIZE=5]AUD/USD Technical Analysis[/SIZE][/B] [img]https://i.imgur.com/3jZCn7x.png[/img] On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6480 support. The Aussie Dollar was able to clear the 0.6535 resistance to move into a positive zone against the US Dollar. There was a close above the 0.6550 resistance and the 50-hour simple moving average. Finally, the pair tested the 0.6620 zone. A high was formed near 0.6619 and the pair is now correcting gains. There was a move below the 0.6600 level. The pair declined below the 23.6% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high. On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6480 swing low to the 0.6619 high at 0.6550. There is also a key bullish trend line forming with support at 0.6550. The next support could be 0.6535. If there is a downside break below the 0.6535 support, the pair could extend its decline toward the 0.6480 level. Any more losses might signal a move toward 0.6440. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6580. The first major resistance might be 0.6600. An upside break above the 0.6600 resistance might send the pair further higher. The next major resistance is near the 0.6620 level. Any more gains could clear the path for a move toward the 0.6650 resistance zone. [B][URL="https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-remain-in-uptrend/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). 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. [/I] [/QUOTE]
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