AUD/USD and NZD/USD Might Regain Bullish Momentum

20 May 2022, 17:23

AUD/USD traded higher but faced sellers near 0.7075. NZD/USD is correcting gains and approaching a key support zone near the 0.6350 level.

Important Takeaways for AUD/USD and NZD/USD

· The Aussie Dollar started a fresh increase from the 0.6850 support zone against the US Dollar.

· There is a key bullish trend line forming with support near 0.7000 on the hourly chart of AUD/USD.

· NZD/USD also started a decent increase after it cleared the 0.6300 resistance zone.

· There was a move above a major contracting triangle with resistance near 0.6355 on the hourly chart of NZD/USD.

AUD/USD Technical Analysis

The Aussie Dollar formed a base above the 0.6850 level and started a fresh increase against the US Dollar. The AUD/USD pair gained pace for a move above the 0.6950 resistance zone.

There was a clear move above the 0.7000 resistance zone and the 50 hourly simple moving average. The pair traded as high as 0.7072 on FXOpen and is currently correcting gains. There was a move below the 0.7025 support zone...More  info:  blog  FXOpen

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