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AUDUSD and NZDUSD tell similar technical stories today. What does that story say?

August 18, 2023 by admin 0 Comments

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The AUDUSD and NZDUSD have technical stories that are similar. On the downside, the low prices from yesterday gave traders is something to lean against on dips. For the AUDUSD a swing area and downward-sloping trendline on the daily chart stalled the fall. On the topside the falling 100-hour moving average is resistance, and would need to be broken to increase the bullish bias.

AUDUSD has trend line and swing area support

For the NZDUSD, the 61.8% retracement of the range of the move up from the 2022 low to the 2023 high stalled the fall as did a downward sloping trendline. On the topside, like the AUDUSD, the falling 100-hour moving average is resistance, and would need to be broken to increase the bullish bias.

NZDUSD bounces off 61.8% retracement/trend line

This article was originally published by Forexlive.com. Read the original article here.