The University of Michigan inflation expectation data sent the US dollar higher and the AUDUSD and NZDUSD pairs lower.
Those moves to the downside, extended each pair to new session Lois, and in the process, each are also testing their 100-hour moving averages. Both also have found some risk-focused buyers leaning against the moving average level.
If the buyers are able to hold that support, call off the bearish dogs. The buyers hold the technical bias.
Conversely, if the levels are broken, it would shift the bias more in favor of the sellers at least in the short term.
This video outlines the levels and the technicals in play. Key support level for both major currency pairs being tested.
