Market Analysis: AUD/USD and NZD/USD Breakdown Looks Real

<img src="https://fxopen.com/blog/en/content/images/2023/07/Australian_dollar.jpg" alt="Market Analysis: AUD/USD and NZD/USD Breakdown Looks Real" /><p><em>AUD/USD declined below the 0.6760 and 0.6720 support levels. NZD/USD also declined towards 0.6150, and it remains at risk of more losses.</em></p><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 0.6800 level against the US Dollar.</li><li>There was a break below a key bullish trend line with support near 0.6750 on the hourly chart of AUD/USD at FXOpen.</li><li>NZD/USD declined heavily from the 0.6260 resistance zone.</li><li>There was a break below a major bullish trend line with support near 0.6200 on the hourly chart of NZD/USD at FXOpen.</li></ul><h2>AUD/USD Technical Analysis</h2><p>On the hourly chart of AUD/USD at FXOpen, the pair struggled to stay above the 0.6800 level. The Aussie Dollar started a fresh decline below the 0.6760 support against the US Dollar.</p><figure><img src="https://lh6.googleusercontent.com/7Xj1jh_J6UevjAMr7VsnIX9E7cVOlJcUTVInSxJJzzCFAo60Ls18wgznqh4Ccbn2JHU4MFfGu5F3mJSnEjsyPrOaagonnz1uXCy6oLZpwjolUURNmQ90IgCBf6xBPW6njO2Ot31jUkj8" alt="Market Analysis: AUD/USD and NZD/USD Breakdown Looks Real" loading="lazy" /></figure><p>There was a break below a key bullish trend line with support near 0.6750. The pair even settled below 0.6720 and the 50-hour simple moving average. A low is formed near 0.6655, and the pair is now consolidating losses.</p><p>Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6821 swing high to the 0.6655 low at 0.6695.</p><p>The next major resistance is near 0.6720, above which the price could rise toward the 50-hour simple moving average and the 61.8% Fib retracement level of the downward move from the 0.6821 swing high to the 0.6655 low.</p><p>A close above the 0.6760 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6790.</p><p>On the downside, initial support is near the 0.6655 level. The next support could be the 0.6620 level. If there is a downside break below 0.6620, the pair could extend its decline toward the 0.6600 handle. Any more losses might send the pair toward the 0.6550 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 from the 0.6260 zone. The New Zealand Dollar gained bearish momentum and traded below 0.6210 against the US Dollar.</p><figure><img src="https://lh4.googleusercontent.com/GbtRgyPfhJ8ty1bGw1ygTcVo9xEmLxbGWHM9jWD1vAwdIOABUDaVC0-K0DB58g-wDcu1vuimx4u5GsF-oC9GwQTCZALHtVRFU7Q2lNhdVmOxCNa28zkL92H83BcMu9q2BDLdE0OcJYIL" alt="Market Analysis: AUD/USD and NZD/USD Breakdown Looks Real" loading="lazy" /></figure><p>There was a break below a major bullish trend line with support near 0.6200. Finally, the bulls appeared near the 0.6150 zone. A low is formed near 0.6149, and the pair is now showing a few bearish signs.</p><p>Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low at 0.6175. If there is a move above 0.6175, the pair could rise toward the 50-hour simple moving average at 0.6210.</p><p>The 50% Fib retracement level of the downward move from the 0.6273 swing high to the 0.6149 low is also near 0.6210 to act as a barrier. Any more gains might open the doors for a move toward the 0.6260 resistance zone in the coming days.</p><p>On the downside, immediate support on the NZD/USD chart is near the 0.6150 level. The first major support is near the 0.6120 zone. If there is a downside break below 0.6120, the pair could extend its decline toward the 0.6080 level. The next key support is near 0.6050.</p><p></p>