Market Analysis: AUD/USD and NZD/USD At Risk of Additional Losses

<h2>Important Takeaways for AUD/USD and NZD/USD Analysis Today</h2><ul><li>The Aussie Dollar started a fresh decline from well above the 0.6750 level against the US Dollar.</li><li>There is a key bearish trend line forming with resistance near 0.6630 on the hourly chart of AUD/USD at FXOpen.</li><li>NZD/USD declined heavily below the 0.6125 support zone and tested 0.6050.</li><li>There was a break above a major bearish trend line with resistance near 0.6070 on the hourly chart of NZD/USD at FXOpen.</li></ul><h2>AUD/USD Technical Analysis</h2><img src="https://fxopen.com/blog/en/content/images/2023/06/aud-1.jpg" alt="Market Analysis: AUD/USD and NZD/USD At Risk of Additional Losses" /><p>On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from the 0.6720 zone. The Aussie Dollar traded below the 0.6670 support to enter a bearish zone against the US Dollar.</p><p>The pair even settled below the 50-hour simple moving average at 0.6630. A low is formed near 0.6595 and the pair is now consolidating losses. It is testing the 23.6% Fib retracement level of the downward move from the 0.6750 swing high to the 0.6595 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/06/audusd–4-.png" alt="Market Analysis: AUD/USD and NZD/USD At Risk of Additional Losses" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/06/audusd–4-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/06/audusd–4-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/06/audusd–4-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/06/audusd–4-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the upside, the <a href="https://fxopen.com/aud-usd">AUD/USD</a> pair is facing resistance near a key bearish trend line at 0.6630. The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.6750 swing high to the 0.6595 low at 0.6670. A close above the 0.6670 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6750.</p><p>On the downside, initial support is near the 0.6595 level. The next support could be the 0.6550 level. If there is a downside break below the 0.6550 support, the pair could extend its decline toward the 0.6500 level.  Any more losses might send the pair toward the 0.6440 support.</p><h2>NZD/USD Technical Analysis</h2><p>On the hourly chart of NZD/USD at FXOpen, the pair also followed a similar pattern and declined below 0.6125. The New Zealand Dollar gained bearish momentum and traded below 0.6085 against the US Dollar.</p><p>A low is formed near 0.6050 and the pair is now attempting a recovery wave. It broke a major bearish trend line with resistance near 0.6070 and the 50-hour simple moving average.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/06/nzdusd–2-.png" alt="Market Analysis: AUD/USD and NZD/USD At Risk of Additional Losses" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/06/nzdusd–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/06/nzdusd–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/06/nzdusd–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/06/nzdusd–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The pair is now testing the 23.6% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low. If there is a move above the 0.6085 resistance, the pair could rise toward 0.6125.</p><p>The 50% Fib retracement level of the downward move from the 0.6200 swing high to the 0.6050 low is also near 0.6125 to act as a barrier. Any more gains might open the doors for a move toward the 0.6200 resistance zone in the coming days.</p><p>On the downside, immediate support on the NZD/USD chart is near the 0.6050 level. The first major support is near the 0.6020 zone. The next support could be 0.6000. If there is a downside break below it, the pair could extend its decline toward the 0.5950 level.</p>