Market Analysis: AUD/USD and NZD/USD Aim Steady Recovery

<img src="https://fxopen.com/blog/en/content/images/2023/10/aud.jpg" alt="Market Analysis: AUD/USD and NZD/USD Aim Steady Recovery" /><p><em>AUD/USD is attempting a recovery wave from 0.6285. NZD/USD is also rising and facing a major hurdle near the 0.5980 level.</em></p><h2>Important Takeaways for AUD/USD and NZD/USD Analysis Today</h2><p>· The Aussie Dollar found support near 0.5870 and is now recovering against the US Dollar.</p><p>· There is a key rising channel forming with resistance near 0.6385 on the hourly chart of AUD/USD at FXOpen.</p><p>· NZD/USD is attempting a recovery wave above the 0.5930 resistance.</p><p>· There is a major bullish trend line forming with support near 0.5950 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 recovered above 0.6450. However, the Aussie Dollar failed to clear 0.6500 and started a fresh decline against the US Dollar.</p><p>The pair declined below the 0.6385 support. Finally, the bulls appeared near the 0.6285 zone. A low was formed near 0.6285 and the pair is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/audusd–11-.png" alt="Market Analysis: AUD/USD and NZD/USD Aim Steady Recovery" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/audusd–11-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/audusd–11-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/audusd–11-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/audusd–11-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The pair is now above 0.6350 and the 50-hour simple moving average. On the upside, an immediate resistance is near the 50% Fib retracement level of the downward move from the 0.6500 swing high to the 0.6285 low at 0.6385.</p><p>The first major resistance is near a rising channel at 0.6450. A clear upside break above 0.6450 could send the pair toward 0.6500. The next major resistance on the AUD/USD chart is near 0.6550, above which the price could rise toward 0.6620. Any more gains might send the pair toward 0.6650.</p><p>On the downside, initial support is near the channel trend line at 0.6350. The next support could be the 0.6325. Any more losses might send the pair toward the 0.6285 support.</p><h2>NZD/USD Technical Analysis</h2><p>On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6050 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5950 against the US Dollar.</p><p>The pair even dropped below the 50-hour simple moving average and tested 0.5875. A low was formed near 0.5870 and the pair is now attempting a fresh increase. It is back above the 0.5930 level and the 50-hour simple moving average.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/nzdusd–8-.png" alt="Market Analysis: AUD/USD and NZD/USD Aim Steady Recovery" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/nzdusd–8-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/nzdusd–8-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/nzdusd–8-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/nzdusd–8-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is now consolidating to clear the 50% Fib retracement level of the downward move from the 0.6048 swing high to the 0.5870 low. There is also a major bullish trend line forming with support near 0.5950.</p><p>On the upside, the pair is facing resistance near the 61.8% Fib retracement level of the downward move from the 0.6048 swing high to the 0.5870 low at 0.5980. The next major resistance is near 0.6000. If there is a move above 0.6000, the pair could rise toward the 0.6050 resistance.</p><p>Any more gains might open the doors for a move toward the 0.6120 resistance zone. On the downside, immediate support on the NZD/USD chart is near 0.5950.</p><p>The next major support is near the 0.5930 zone. If there is a downside break below 0.5930, the pair could extend the decline toward the 0.5870 level. The next key support is near 0.5820.</p>