AUD/USD is moving lower and approaching the 0.6220 support. NZD/USD is also declining and showing bearish signs below 0.5600.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh decline from well above the 0.6320 zone against the US Dollar.
· There was a break below a connecting bullish trend line with support at 0.6265 on the hourly chart of AUD/USD.
· NZD/USD is gaining bearish momentum below the 0.5600 support zone.
· There was a break below a key bullish trend line with support at 0.5595 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar failed to stay above the 0.6400 level and started a fresh decline against the US Dollar. The AUD/USD pair traded below the 0.6350 support zone to move into a bearish zone.
There was a clear move below the 0.6300 level and the 50 hourly simple moving average. During the decline, there was a break below a connecting bullish trend line with support at 0.6265 on the hourly chart of AUD/USD…More info: blog FXOpen