Both the AUD/USD and NZD/USD currency pairs are currently slipping, approaching crucial support levels. The video above breaks down the technical aspects influencing these pairs. Here’s a summary of the critical technical highlights from the video for each pair.
AUD/USD Technical Analysis:
The AUD/USD is revisiting a crucial support zone on the daily chart, nestled between 0.6334 and 0.6363. This area was also a battleground last week.
Hourly Chart Insights:
Earlier today, during the Asian market hours, the price momentarily climbed above the declining 100-hour moving average (MA). However, it quickly lost steam and rotated downwards. For buyers to regain ground, they need to push the price above the 100-hour MA at 0.6370, and subsequently, the 200-hour MA at 0.6389.
Failure to achieve this could mean the sellers remain in charge, potentially driving the price below the 0.6364 mark and encouraging further declines.
Conclusion and Key Levels to Watch:
The 200-hour MA proved to be a formidable barrier last Thursday, halting any upward movement and sparking a downward trend. If prices stay below these levels, sellers will remain in the driver’s seat, reinforcing the prevailing bearish outlook.
NZD/USD Technical Analysis:
The NZD/USD is grappling with significant low levels on the daily chart:
- 0.57397 (support from November 2022)
- 0.5772 (support noted on October 27, 2023)
Over the past three days, the price has been treading water between these benchmarks, currently priced at 0.5757. A decline below 0.57397 could pave the way for further downward pressure.
Hourly Chart Insights:
During the Asian trading session, buyers made an attempt to take control, driving the price above the 100-hour MA at 0.5779 and hitting a peak of 0.5792. Yet, momentum waned just shy of the subsequent hurdle at 0.5796, leading to a reversal.
Right now, the pair has slipped back below the 100-hour MA and is testing Friday’s low of 0.5752, indicating that sellers have the upper hand.
Key Levels to Watch:
To change the current sentiment to bullish, the price needs to climb and sustain above the descending 100-hour MA at 0.5775. Subsequent targets to consider are:
- 0.5796 (next overhead resistance)
- Falling 200-hour MA at 0.5806
For bearish momentum to strengthen, a drop below 0.57397 might invite more selling pressure.
Conclusion:
As it stands, sellers maintain their grip below the 100-hour MA, with 0.57397 being the next significant target on the downside. For buyers to make a case, they’ll need to secure a consistent move above key resistance levels to alter the current trajectory.
