The Australian Dollar (AUD) and the New Zealand Dollar (NZD) are both showing signs of potential growth against the US Dollar (USD) in the forex market. Let’s take a closer look at the technical analysis for both currency pairs.
AUD/USD Technical Analysis:
The AUD/USD pair has started a correction from the 0.6735 level, moving into a positive zone against the USD. The pair faces initial support at a key bullish trend line at 0.6700. If the pair breaks below the 0.6680 support, it could extend its decline towards 0.6660 and even 0.6635. On the upside, resistance levels are seen at 0.6720 and 0.6735, with further gains possibly pushing the pair towards 0.6760 and 0.6800.
NZD/USD Technical Analysis:
The NZD/USD pair has seen a steady increase from the 0.6045 zone, breaking above the 0.6090 resistance. The pair is currently correcting gains after testing the 0.6130 level. Support levels are at 0.6100 and 0.6090, with further declines possibly leading the pair towards 0.6065 and 0.6045. Resistance levels are at 0.6120 and 0.6130, with a clear move above 0.6130 potentially pushing the pair towards 0.6165 and 0.6200.
Overall, both the AUD/USD and NZD/USD pairs are showing positive signs of growth in the forex market. Traders should keep an eye on key support and resistance levels to determine potential entry and exit points for their trades.
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In conclusion, the AUD/USD and NZD/USD pairs are poised for potential growth in the forex market, presenting trading opportunities for investors. By understanding the technical analysis and keeping track of market trends, traders can make informed decisions to capitalize on these opportunities.