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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 345161, member: 104606"] [B][SIZE=5]Market Analysis: AUD/USD and NZD/USD Turn Red[/SIZE][/B] [img]https://i.imgur.com/n1evbK7.jpeg[/img] [I]AUD/USD declined below the 0.6500 and 0.6455 support levels. NZD/USD is also moving lower and might struggle to recover above 0.5950.[/I] [B]Important Takeaways for AUD/USD and NZD/USD Analysis Today[/B] [LIST] [*] The Aussie Dollar started a fresh decline from well above the 0.6500 level against the US Dollar. [*] There is a connecting bearish trend line forming with resistance at 0.6410 on the hourly chart of AUD/USD at FXOpen. [*] NZD/USD declined steadily from the 0.6000 resistance zone. [*] There is a key bearish trend line forming with resistance at 0.5890 on the hourly chart of NZD/USD at FXOpen. [/LIST] [B][SIZE=5] AUD/USD Technical Analysis[/SIZE][/B] [img]https://i.imgur.com/pD1stpa.jpeg[/img] On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6540 zone. The Aussie Dollar started a fresh decline below the 0.6500 support against the US Dollar. The pair even settled below 0.6455 and the 50-hour simple moving average. There was a clear move below 0.6400. A low was formed at 0.6362 and the pair is now attempting a recovery wave. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6456 swing high to the 0.6362 low. On the upside, an immediate resistance is near the 0.6410 level. There is also a connecting bearish trend line forming with resistance at 0.6410 and the 50% Fib retracement level of the downward move from the 0.6456 swing high to the 0.6362 low. The next major resistance is near 0.6455, above which the price could rise toward 0.6540. Any more gains might send the pair toward 0.6600. A close above the 0.6600 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6680. On the downside, initial support is near the 0.6360 zone. The next support sits at 0.6340. If there is a downside break below 0.6340, the pair could extend its decline. The next support could be 0.6300. Any more losses might send the pair toward the 0.6265 support. [B][URL="https://fxopen.com/blog/en/aj-market-analysis-aud-usd-and-nzd-usd-turn-red/?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 FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice. [/I] [/QUOTE]
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