AUD/USD started a fresh decline from well above 0.7250. NZD/USD is also declining and there is a risk of a move below the 0.6730 support.
Important Takeaways for AUD/USD and NZD/USD
· The Aussie Dollar started a major decline from well above the 0.7250 level against the US Dollar.
· There is a short-term breakout pattern forming with resistance near 0.7175 on the hourly chart of AUD/USD.
· NZD/USD also declined sharply below the 0.6800 support zone.
· There is a contracting triangle forming with resistance near 0.6755 on the hourly chart of NZD/USD.
AUD/USD Technical Analysis
The Aussie Dollar struggled to clear the 0.7270 level against the US Dollar. The AUD/USD pair started a fresh decline below the 0.7250 support level.
The pair even traded below the 0.7220 support level and the 50 hourly simple moving average. It traded as low as 0.7146 on FXOpen and started consolidation. There was a minor move above the 0.7155 level. ..More info: blog FXOpen
