Both the AUDUSD and the NZDUSD found support buyers on their earlier day breaks to the new 2023 low and bounced higher.
Each pair is approaching/testing falling 100-hour moving averages. Getting above the 100-hour moving average is the minimum target to get to and through if buyers are to start to be taken seriously after a trend move lower (like each pair has seen).
For the AUDUSD the 100-hour moving outcomes in at 0.6463. There is other targets just below that level near 0.6454. The high price today has so far reached 0.6450.
For the NZDUSD, its 100-hour moving average comes in at 0.59628 then that level has been reached and held on 2 separate hourly bars most recently. Recall yesterday the 100-hour moving average also found resistance sellers.
Getting above that 100 hour moving average would have traders targeting the high price from yesterday near 0.5992. Above that and a swing area between 0.5985 – 0.5992, and the 200-hour moving average at 0.6012 would be targeted.
Fail to break the 100-hour moving average and the sellers remain in firm control.
