AUDUSD tests the high from yesterday. NZDUSD price cracks above topside trend line resistance.
The AUDUSD is trading higher in early Asian session trading taking it's clues from a higher stock opening and record closes in the US. The NZDUSD is also higher and tests a topside trend line on the hourly chart.
Looking at the AUDUSD, the pair has move up to test the high from yesterday's trading at 0.77602. A move above would have traders targeting the swing hi going back to January 13 at 0.77809. Above that, the high from last week comes in at 0.78045. Both are targets on further upside momentum.
In yesterday's trade, the pair move back above its 100 and 200 hour moving averages (blue and green lines in the chart above). The price low in the early New York session stalled just ahead of the 100 hour moving average (blue line), keeping the buyers more in control. The 200 hour moving average is currently at 0.77254. The 100 hour moving averages at 0.77154. Staying above each keeps the buyers in control.
Overall, the AUDUSD remains in the range since January 5 between 0.76584 on the downside and 0.78194 on the topside (working on day 13). At some point the confined range will be broken. For now the buyers and sellers are keeping the pair's trading range confined in up and down trading.
For the NZDUSD, the pair is cracking above a topside trend line at 0.7189. The next target comes in at the 50% retracement of the move down from the January 6 high at 0.75052. Get above that level interrupts up the door for a test of the 61.8% at 0.72313 and a swing area between 0.72348 and 0.72400.
Into the close yesterday, the price extended above its 200 hour moving average at 0.71674 currently (green line in the chart below). It would take a move back below that level to tilt the bias more in the sellers favor once again.
