A key moment for both AUD/USD and NZD/USD on the charts
As the market mood sours on the day and we see another flight to safety, the aussie and kiwi are both down 0.5% against the dollar currently.
Of note, we are seeing both pairs face a key technical test on the charts:
The former is testing its August low @ 0.7106 and a break below that spells danger of a steeper fall potentially back towards the 0.7000 mark.
Meanwhile, the latter is testing waters below 0.6800 as the August lows @ 0.6805-09 appear to be giving way. That could see an accelerated drop in NZD/USD towards the 61.8 retracement level of the swing higher from March 2020 to Feb 2021 near 0.6700 next.
