Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase

<img src="https://fxopen.com/blog/en/content/images/2023/12/aud.jpg" alt="Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase" /><p><em>AUD/USD is correcting gains from the 0.6675 zone. NZD/USD is rising and could extend its increase above the 0.6185 resistance zone.</em></p><h2>Important Takeaways for AUD USD and NZD USD Analysis Today</h2><p>&#xB7; The Aussie Dollar started a downside correction below the 0.6650 level against the US Dollar.</p><p>&#xB7; There is a connecting bearish trend line forming with resistance near 0.6620 on the hourly chart of AUD/USD at FXOpen.</p><p>&#xB7; NZD/USD is gaining bullish momentum above the 0.6120 support.</p><p>&#xB7; There is a key bullish trend line forming with support near 0.6140 on the hourly chart of NZD/USD at FXOpen.</p><h2>AUD/USD Technical Analysis</h2><p>On the hourly chart of AUD/USD at FXOpen, the pair started a fresh increase from the 0.6530 support. The Aussie Dollar was able to clear the 0.6600 resistance to move into a positive zone against the US Dollar.</p><p>Finally, the pair tested the 0.6675 zone before it started a downside correction. The recent swing high was formed near 0.6634 and the pair is now trading below the 50-hour simple moving average. There was a move below the 23.6% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/12/audusd–3-.png" alt="Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/12/audusd–3-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/12/audusd–3-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/12/audusd–3-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/12/audusd–3-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the downside, initial support is near the 50% Fib retracement level of the upward move from the 0.6570 swing low to the 0.6634 high at 0.6600.</p><p>The next support could be the 0.6570 zone. If there is a downside break below the 0.6570 support, the pair could extend its decline toward 0.6530. Any more losses might signal a move toward 0.6450.</p><p>On the upside, the AUD/USD chart indicates that the pair is now facing resistance near a connecting bearish trend line at 0.6620. The first major resistance might be 0.6650.</p><p>An upside break above the 0.6650 resistance might send the pair further higher. The next major resistance is near the 0.6675 level. Any more gains could clear the path for a move toward the 0.6740 resistance zone.</p><h2>NZD/USD Technical Analysis</h2><p>On the hourly chart of NZD/USD on FXOpen, the pair started a steady increase from the 0.6060 level. The New Zealand Dollar broke the 0.6120 resistance to start the recent increase against the US Dollar.</p><p>The pair settled above 0.6140 and the 50-hour simple moving average. It tested the 0.6210 zone before there was a downside correction to 0.6120. The pair is again rising and trading above the 50% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/12/nzdusd.png" alt="Market Analysis: AUD/USD Trims Gains While NZD/USD Extends Increase" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/12/nzdusd.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/12/nzdusd.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/12/nzdusd.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/12/nzdusd.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The NZD/USD chart suggests that the RSI is still above 50 and signaling more upsides. On the upside, the pair might struggle near the 76.4% Fib retracement level of the downward move from the 0.6208 swing high to the 0.6120 low at 0.6185.</p><p>The next major resistance is near the 0.6210 level. A clear move above the 0.6210 level might even push the pair toward the 0.6250 level. Any more gains might clear the path for a move toward the 0.6320 resistance zone in the coming days.</p><p>On the downside, there is major support forming near a bullish trend line at 0.6140. The next major support is near 0.6120, below which the pair might test 0.6060.</p><p>If there is a downside break below the 0.6060 support, the pair might slide toward the 0.6020 support. Any more losses could lead NZD/USD in a bearish zone to 0.6000.</p>