The AUDUSD and NZDUSD is extending higher, but the falling 100 are moving averages on each is getting in the way of any upside momentum.
For the AUDUSD the price extended briefly above that moving average but quickly rotated back to the downside. That moving average comes in at 0.65539. Getting above that level would be more bullish in trading today.
However, the price is lower currently trading near 0.6535 and looking to test the 61.8% retracement of the move up from the April low. That level comes in at 0.6528.
For the NZDUSD, it too looked to test the 100 hour MA (for it at 0.58967). Sellers leaned near the level and rotated the pair back down. The low reached 0.5882. The price is still higher, but if the price cannot get above the 100 hour MA, the buyers are still not “winning”.
Both pairs are doing similar things, but consolidating below 100 hour MAs. It would take moves above that MA on each to give the buyers some confidence, and a small win technically.
This article was written by Greg Michalowski at www.forexlive.com. Source