AUD/USD and NZD/USD Eyeing Further Upsides

in #audusd • 6 years ago

AUD/USD started a nice upside move from 0.7530, broke the 0.7600 resistance, and is currently eyeing more upsides. NZD/USD is trading with a positive bias and is about to break a key contracting triangle.
Important Takeaways for AUD/USD and NZD/USD

The Aussie Dollar traded higher recently and broke a major hurdle near 0.7600.
There was a break above a contracting triangle with resistance at 0.7570 on the hourly chart of AUD/USD.
NZD/USD is approaching a key break with support at 0.6995 and resistance near 0.7010.
The Australian Retail Sales in April 2018 increased 0.4% (MoM), more than the forecast of +0.2%.

AUD/USD Technical Analysis

The Aussie Dollar formed a major support near 0.7510-20 and traded higher against the US Dollar. The AUD/USD pair moved above the 0.7550 and 0.7580 resistance levels to set the pace for more gains.

Later, the pair broke a contracting triangle with resistance at 0.7570 on the hourly chart to clear the path for further upsides. Lastly, the pair succeeded in clearing a crucial resistance near 0.7590-0.7600.

Read more: https://blog.fxopen.com/audusd-and-nzdusd-eyeing-further-upsides/

6 years ago in #audusd by
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