The AUD/USD and NZD/USD both moved higher during the Asian session before reversing lower as U.S. Treasury yields pared earlier declines and U.S. equities turned negative. 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 shift in yields and risk sentiment has reduced support for the commodity currencies, which are often sensitive to both U.S. rate expectations and broader equity-market tone.

AUD/USD: The AUD/USD rose back above both its 100-hour and 200-hour moving averages in the early Asian Pacific session, with those averages currently clustered near 0.6992, and the pair 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 represents 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 setback for buyers. Since then, the pair has slipped back below both hourly moving averages, shifting the near-term bias back to the downside. Initial support is located between 0.6962 and 0.6978. A break below that zone would strengthen the bearish outlook and expose further downside targets at 0.6928, 0.6912, and eventually the 200-day moving average near 0.6898. To regain control, buyers would first need to reclaim and hold above the 100-hour and 200-hour moving averages.

NZD/USD: The NZD/USD also advanced early in the session but met sellers near the falling 100-hour moving average and the 50% midpoint of the decline from the late-May high to the June low at 0.5809. That confluence capped the move almost exactly, with the day’s high stalling at that resistance. The subsequent decline has brought the pair back toward a key swing area between 0.5765 and 0.5777, and today’s low reached 0.5778, just above the top of that support zone. A move below 0.5765 would increase bearish momentum and target the two-week low at 0.5742, followed by the next swing support between 0.5719 and 0.5726. For buyers to regain confidence, the price would need to move back above the falling 100-hour moving average, now at 0.5800, and hold there.

Buyers had their chance at the start of the day, but control has since shifted back to sellers.