AUD/USD and NZD/USD are moving away below the 100-hour moving average
For AUD/USD, we're seeing price fall to a four-day low after buyers failed to wrestle back near-term control as sellers leaned on the 100-hour MA (red line) earlier today.
Notably, price has now also fallen below the 23.6 retracement level as sellers will be looking towards testing the 200-hour MA (blue line) @ 0.6816 next.
If successful, that will see sellers regain near-term control again in what would be a bit of a setback for the aussie after a decent run higher since the start of the month.
Meanwhile, in NZD/USD it is a similar story as price broke the 100-hour MA (red line) earlier and is now threatening a deeper drop on the day.
That said, sellers are now meeting support from the 23.6 retracement level as well as the swing region around 0.6385-90 for the time being.
The key level to look out for in terms of a shift in the near-term bias will be the 200-hour MA (blue line) @ 0.6353.
For now, it looks like buyers are encountering some exhaustion after the run higher in both pairs as they give up near-term control for the time being.
Looking ahead, just be wary of US vice president Mike Pence's speech on China later today as it could have implications for risk trades in general.
