Both the AUDUSD and NZDUSD are continuing their downward momentum with each trading at new lows for the cycle. The AUDUSD is approaching its 61.8% retracement of its move up from the April low. That level comes in at 0.65283. Last week the price fell below that level but we bounced back. However the high price Friday and today stalled ahead of its falling 100-hour MA (currently at 0.6568)
Meanwhile, the NZDUSD is approaching its lows from 2024 between 0.5851 and 0.5859. A move below those levels increases the bearish bias and take the price to the lowest level since November 2023. The falling 100-hour MA would need to be broken on the topside to show the buyers are making any strides. That MA comes in at 0.59108.
What is clear technically, is the sellers remain in firm control. Unless you want to buy against the 61.8% in the AUDUSD or the lows from 2024, there is little technically to suggest the buyers are “winning”. The sellers remain in firm control.
This article was written by Greg Michalowski at www.forexlive.com.
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