AUD/USD has moved higher, breaking above the 0.6970 and 0.7000 levels, while NZD/USD is also advancing and may target further gains beyond 0.5850.
Key Points
- The Australian dollar has strengthened steadily against the US dollar, reclaiming the 0.7000 level.
- AUD/USD broke above an ascending channel resistance near 0.6960 on the hourly chart.
- NZD/USD is holding firm above the 0.5755 pivot zone.
- The pair also breached a key consolidation pattern, breaking above triangle resistance at 0.5710.
AUD/USD Technical Outlook
On the hourly chart, AUD/USD initiated a fresh rally from around 0.6860, pushing through 0.6900 and confirming bullish momentum. A breakout above the rising channel near 0.6960 paved the way for a move beyond 0.7000 and the 50-hour moving average.
The pair reached a high near 0.7084 before entering a consolidation phase, with a slight pullback below 0.7075.
On the downside, initial support lies near the 23.6% Fibonacci retracement of the move from 0.6859 to 0.7084. A deeper correction could target 0.6970, followed by 0.6945 and the 50-hour moving average. A break below these levels may open the door towards 0.6895.
On the upside, resistance is seen around 0.7085, with the next key barrier at 0.7120. A sustained move above 0.7120 could extend gains towards 0.7200, and potentially 0.7320 if momentum strengthens.
NZD/USD Technical Outlook
NZD/USD has also posted gains, climbing from 0.5675 and breaking above 0.5720. A key technical development was the breakout above a contracting triangle near 0.5710, confirming bullish intent.
The pair moved above 0.5755 and the 50-hour moving average, reaching a high near 0.5835 before consolidating. A minor dip below 0.5820 has followed, while the RSI remains elevated, suggesting strong but possibly stretched momentum.
Immediate resistance is located near 0.5835, followed by a more significant level around 0.5880. A clear break above this zone could drive the pair higher, with potential targets extending towards the 0.6950–0.7000 region over time.
On the downside, initial support sits near 0.5795 and the 23.6% Fibonacci retracement. Stronger support is found at 0.5755, then 0.5720 and the 50-hour moving average. A drop below 0.5720 may shift the outlook bearish, exposing 0.5690 and possibly 0.5650.
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