AUD/USD dropped below the 0.6750 & 0.6720 support levels. NZD/USD declined to 0.6230, and is currently trying to recover.
Important Takeaways from AUD/USD & NZD/USD
· The Aussie Dollar started a fresh decline from well above the 0.6800 level against the US Dollar.
· There was a break below a connecting bullish trend line with support near 0.6720 on the hourly chart of AUD/USD.
· NZD/USD declined heavily below the 0.6350 support zone and tested 0.6230.
· There is a major bearish trend line forming with resistance near 0.6295 on the hourly chart of NZD/USD.
Technical Analysis AUD/USD
The Aussie Dollar began a new decline against the US Dollar at the 0.6800 level. The AUD/USD pair was still in a bearish zone, below the 0.6750 mark.
Clear movement below the 0.6720 and 50 hourly simple moving mean was observed. A breakout below a bullish connecting trend line was seen on the hourly chart for AUD/USD. Support was near 0.6720.
The pair traded as low 0.6650 FXOpen but is currently correcting higher. It has exceeded the 23.6% Fib Retracement level of the downward movement from the 0.6767 swing high and 0.6650 low.
The AUD/USD pair faces resistance…
