AUD/USD is gaining pace above the 0.6950 resistance. NZD/USD is also eyeing a key upside break above the 0.6300 resistance.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh increase above the 0.6880 resistance zone against the US Dollar.
· There is a key bullish trend line forming with support near 0.6955 on the hourly chart of AUD/USD.
· NZD/USD also started a major increase from the 0.6200 support zone.
· There was a break above a major bearish trend line with resistance near 0.6240 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above the 0.6820 and 0.6850 levels against the US Dollar. The AUD/USD pair started a steady increase after it cleared the 0.6900 resistance zone.
There was a clear move above the 0.6950 resistance and the 50 hourly simple moving average. The pair even broke the 0.7000 barrier and traded as high as 0.7014 on FXOpen. Recently, there was a minor downside correction below the 0.7000 level…More info: blog FXOpen
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