The AUDUSD and NZDUSD both pushed higher during the Asian session but have since reversed lower as U.S.
Treasury yields trimmed earlier declines and U.S. equities slipped into negative territory
The S&P 500 is down 0.22% while the NASDAQ is lower by 0.48%. Meanwhile, the 2-year Treasury yield is down 1.9 basis points, after being lower by more than 3 basis points earlier in the day. The reversal in yields and risk sentiment has taken some of the wind out of the commodity currencies.
AUDUSD: The AUDUSD climbed back above both its 100-hour and 200-hour moving averages in the early Asian Pacific session, currently clustered near 0.6992, and reached a session high of 0.7011. However, the rally stalled at a key swing area and remained below last week’s highs between 0.7022 and 0.7026. The 0.7022 level also marks the 38.2% retracement of the decline from the May high to the late-June low, making the failure to test and break that resistance a technical disappointment for buyers.