AUD/USD started a decent increase above 0.6580. NZD/USD is also rising and might aim for more gains above 0.5920.
On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from 0.6500. The Aussie Dollar was able to clear 0.6520 to move into a positive zone against the US Dollar.
The bulls cleared a contracting triangle with resistance at 0.6530. There was a close above the 0.6550 resistance and the 50-hour simple moving average. Finally, the pair tested 0.6585. A high was formed near 0.6588 and the pair recently started a consolidation phase.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.6501 swing low to the 0.6588 high. On the upside, the AUD/USD chart indicates that the pair is now facing resistance near 0.6585.
An upside break above 0.6585 might send the pair further higher. The next stop is near 0.6640. Any more gains could clear the path for a move toward the 0.6700 handle.
On the downside, initial support is near the 50% Fib retracement at 0.6545. The next area of interest could be near the 50-hour simple moving average at 0.6535.
If there is a downside break below 0.6535, the pair could extend its decline toward the 0.6500 zone. Any more losses might signal a move toward 0.6485.
On the hourly chart of NZD/USD at FXOpen, the pair started a decent increase from 0.5830. The New Zealand Dollar broke the 0.5855 barrier to start the recent rally against the US Dollar.
Moreover, there was a break above a major bearish trend line with resistance at 0.5870. The pair settled above 0.5875 and the 50-hour simple moving average. It tested 0.5920 and is currently consolidating gains.
There was a move below the 23.6% Fib retracement level of the upward move from the 0.5833 swing low to the 0.5917 high. The NZD/USD chart suggests that the RSI is stable above 50.
On the upside, the pair might struggle near 0.5905. The next major resistance is near the 0.5920 level. A clear move above 0.5920 might even push the pair toward 0.5965. Any more gains might clear the path for a move toward the 0.6000 handle in the coming days.
On the downside, immediate support is near the 0.5875 level. The first key zone for the bulls sits at 0.5855 and the 76.4% Fib retracement. The next key level is 0.5840. If there is a downside break below 0.5840, the pair might slide toward 0.5800. Any more losses could lead NZD/USD in a bearish zone to 0.5750.
Also read: XAU/USD Analysis: 3 Reasons Why Gold’s Rally Might Pause
