Market Analysis: AUD/USD and NZD/USD Signal More Downsides

<img src="https://fxopen.com/blog/en/content/images/2023/10/aud___.jpg" alt="Market Analysis: AUD/USD and NZD/USD Signal More Downsides" /><p><em>AUD/USD declined below the 0.6355 and 0.6330 support levels. NZD/USD is also moving lower and might trade below the 0.5800 zone.</em></p><h2>Important Takeaways for AUD/USD and NZD/USD Analysis Today</h2><p>&#xB7; The Aussie Dollar started a fresh decline from well above the 0.6355 level against the US Dollar.</p><p>&#xB7; There is a key bearish trend line forming with resistance near 0.6330 on the hourly chart of AUD/USD at FXOpen.</p><p>&#xB7; NZD/USD declined steadily from the 0.5930 resistance zone.</p><p>&#xB7; There is a connecting bearish trend line forming with resistance near 0.5840 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 struggled to clear the 0.6400 zone. The Aussie Dollar started a fresh decline below the 0.6355 support against the US Dollar.</p><p>The pair even settled below 0.6330 and the 50-hour simple moving average. A low was formed near 0.6295 before there was an upside correction. The pair climbed above the 50% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/audusd-1.png" alt="Market Analysis: AUD/USD and NZD/USD Signal More Downsides" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/audusd-1.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/audusd-1.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/audusd-1.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/audusd-1.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>However, the bears were active near the 0.6355 resistance zone. It failed to clear the 61.8% Fib retracement level of the downward move from the 0.6393 swing high to the 0.6295 low.</p><p>There is also a key bearish trend line forming with resistance near 0.6330. On the downside, initial support is near the 0.6295 low. The next support sits at 0.6285. If there is a downside break below 0.6285, the pair could extend its decline.</p><p>The next support could be 0.6250. Any more losses might send the pair toward the 0.6220 support. On the upside, an immediate resistance is near the trend line at 0.6330.</p><p>The next major resistance is near 0.6355, above which the price could rise toward 0.6400. Any more gains might send the pair toward 0.6420. A close above the 0.6420 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6500.</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 0.5930 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5870 against the US Dollar.</p><p>The pair even tested the 0.5815 zone before there was a minor recovery wave. The pair climbed above the 23.6% Fib retracement level of the downward move from the 0.5916 swing high to the 0.5815 low. However, it failed to surpass the 50-hour simple moving average at 0.5870.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/nzdusd.png" alt="Market Analysis: AUD/USD and NZD/USD Signal More Downsides" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/nzdusd.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/nzdusd.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/nzdusd.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/nzdusd.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is now moving lower and trading well below 0.5870. On the downside, immediate support on the NZD/USD chart is near the 0.5815 level.</p><p>The next major support is near the 0.5800 zone. If there is a downside break below 0.5800, the pair could extend its decline toward the 0.5740 level. The next key support is near 0.5700.</p><p>Immediate resistance on the upside is near a connecting bearish trend line at 0.5840. The next resistance is at 0.5855, followed by 0.5870. If there is a move above 0.5870, the pair could rise toward 0.5930. Any more gains might open the doors for a move toward the 0.5965 resistance zone in the coming days.</p>