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After the false break, AUD/USD collapsed and NZD/USD failed to confirm a double bottom
  financefeeds 2023-05-12 09:47:24
Description：Earlier this week, the pair (AUD) challenged the top of the range (0.6800), which has been in place for more than two months, but was quickly and forcibly refused to move lower after a brief false break, indicating that sellers are determined to regain co

Technical analysis of the Australian dollar


On Tuesday, I discussed how the AUD/ USD (AUD-USD) has basically moved sideways since early March, moving predictably within the range of lateral channels while perfectly adhering to the upper and lower boundaries of the technical pattern, which can be viewed as resistance and support, respectively.


Earlier this week, the pair (AUD) challenged the top of the range (0.6800), which has been in place for more than two months, but was quickly and forcibly refused to move lower after a brief false break, indicating that sellers are determined to regain control when the market gets tight.


As downward pressure intensifies following the breakdown of the 200-day simple moving average, AUD/USD could move lower in the coming days, but a stronger bearish signal would be needed to be more confident in the downside scenario.


Confirmation that bears have become the dominant force could come from a clear break in the 0.6680 support level. A sustained break below this bottom could pave the way for a deeper correction, with the 2023 low becoming the next area of potential interest for speculators.


Conversely, if technical support at 0.6680 is held, buyers will be more likely to resume their rally, in which case we cannot rule out a move towards 0.6730 - the first resistance level to watch. Above that ceiling, 0.6800 could be the next hurdle on the northbound journey.


Aud/USD technical chart



Technical analysis of the Australian dollar On Tuesday, I discussed how the AUD/ USD (AUD-USD) has basically moved sideways since early March, moving predictably within the range of lateral channels while perfectly adhering to the upper and lower boundaries of the technical pattern, which can be viewed as resistance and support, respectively. Earlier this week, the pair (AUD) challenged the top of the range (0.6800), which has been in place for more than two months, but was quickly and forcibly refused to move lower after a brief false break, indicating that sellers are determined to regain control when the market gets tight. As downward pressure intensifies following the breakdown of the 200-day simple moving average, AUD/USD could move lower in the coming days, but a stronger bearish signal would be needed to be more confident in the downside scenario. Confirmation that bears have become the dominant force could come from a clear break in the 0.6680 support level. A sustained break below this bottom could pave the way for a deeper correction, with the 2023 low becoming the next area of potential interest for speculators. Conversely, if technical support at 0.6680 is held, buyers will be more likely to resume their rally, in which case we cannot rule out a move towards 0.6730 - the first resistance level to watch. Above that ceiling, 0.6800 could be the next hurdle on the northbound journey. Aud/USD technical chart


NZD/USD technical analysis


The NZD/USD (NZD/USD) has been forming a bullish double bottom pattern in recent months. The technical form was close to completion and confirmation, but the price failed to break the neck resistance at 0.6385 earlier in the week, paving the way for a sharp pullback in the subsequent trading session.


While the double-bottom structure is not yet completely dead, the chances of a successful bullish outcome diminish as long as sellers maintain their edge and push prices down further. If that happens, initial support is at 0.6275, followed by the 50-day simple moving average of 0.6215.


On the other hand, if the bulls manage to pull off a surprise reversal and the price resumes its uptrend, resistance stands at 0.6380. Successfully and consistently breaking through this barrier will nourish positive emotions, creating the right conditions for a rebound to 0.6550 and later 0.6625.


NZD/USD technical chart



NZD/USD technical analysis The NZD/USD (NZD/USD) has been forming a bullish double bottom pattern in recent months. The technical form was close to completion and confirmation, but the price failed to break the neck resistance at 0.6385 earlier in the week, paving the way for a sharp pullback in the subsequent trading session. While the double-bottom structure is not yet completely dead, the chances of a successful bullish outcome diminish as long as sellers maintain their edge and push prices down further. If that happens, initial support is at 0.6275, followed by the 50-day simple moving average of 0.6215. On the other hand, if the bulls manage to pull off a surprise reversal and the price resumes its uptrend, resistance stands at 0.6380. Successfully and consistently breaking through this barrier will nourish positive emotions, creating the right conditions for a rebound to 0.6550 and later 0.6625. NZD/USD technical chart


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