AUD/USD started a fresh decline from the 0.6980 resistance. NZD/USD is also declining and might even trade below the 0.6150 support.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a fresh decline below the 0.6920 support zone against the US Dollar.
· There is a key bearish trend line forming with resistance near 0.6880 on the hourly chart of AUD/USD.
· NZD/USD also started a major decline from the 0.6330 resistance zone.
· There is a major bearish trend line forming with resistance near 0.6215 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar attempted a fresh increase above the 0.6980 and 0.7000 levels against the US Dollar. However, the AUD/USD pair failed to continue higher above 0.6980 and started another decline.
There was a move below the 0.6950 and 0.6920 support levels. There was a close below the 0.6900 level and the 50 hourly simple moving average. The pair traded as low as 0.6821 and is currently showing a lot of bearish signs....More info: blog FXOpen
