Dollar buying as yields move higher.

The AUDUSD and the NZDUSD both cracked below their 100 hour MAs and running to the downside. Yields in the US are back higher. The US stocks are drifting lower with the Nasdaq continuing to move more to the downside. That is leading to the dollar rising. The technical breaks in the AUDUSD and NZDUSD are adding to the bearish move lower.

Looking at the AUDUSD, the pair fell below its 100 hour moving average at 0.73493 and moves down toward a target area near 0.73364. Below that sits a swing area between 0.73276 and 0.73306. That area is above the double bottom from July 28 and August 10 at 0.73155 area.

Dollar buying as yields move higher.

Remember for this pair, the price has been moving up and down within a 110 pip trading range over the last 15-16 trading days (over 3 weeks). That is not a lot of range as traders ping-pong between support below and resistance above. At some point the market will break out of the range but until then traders will likely lean at lows and lean at highs. The bias however is currently to the downside.

Looking at the NZDUSD, it fell below both the 200 hour moving average at 0.70204 and it's 100 hour moving average at 0.70116. The 200 hour moving average did stall the fall earlier in the day (London morning session), but has now succumbed to the level and found momentum sellers on the break

The next target comes in near the 50% retracement of the move up from the July 28 low at 0.69926. Yesterday's trade saw the price find support near that level (the low reached 0.69907). A move below the level increases the bearish bias with traders looking toward 0.69803 followed by the 61.8% retracement at 0.69703.

NZDUSD on the hourly char