The AUD/USD pair has been moving sideways within a lateral channel for more than two months, with the upper and lower boundaries acting as resistance and support, respectively. However, a false breakout occurred when the pair attempted to breach the topside of the channel at 0.6800 earlier this week. This rejection suggests that sellers are eager to regain control and push the price lower. The loss of the 200-day simple moving average adds further downside pressure to the pair.

For a stronger bearish signal, a clear breach of support at 0.6680 is necessary, which could lead to a deeper pullback, with the next potential support level at the 2023 lows.

Alternatively, if buyers manage to hold the support at 0.6680, the pair could resume its upward momentum, with the first resistance at 0.6730.

Meanwhile, the NZD/USD pair has been forming a bullish double-bottom pattern but failed to clear the neckline resistance at 0.6385, leading to a sharp pullback in the following trading sessions. The pattern has not been invalidated yet, but the chances of a bullish outcome decrease as sellers continue to push the price lower.

If the bearish trend persists, the first support level to watch is at 0.6275, followed by the 50-day simple moving average at 0.6215. Conversely, if buyers manage to push the price higher, the first resistance level is at 0.6380, followed by potential rallies towards 0.6550 and 0.6625.

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