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NZD/USD, AUD/USD may struggle to recover lost earnings

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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.

AUD/USD and NZD/USD Could Struggle To Recover Losses
Hourly Chart AUD/USD

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…



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