Both the AUDUSD and NZDUSD found support buyers on the break to new 2023 lows today

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.

This article was written by Greg Michalowski at Source