AUD/USD, NZD/USD face resistance as Fed rate cut expectations peak

AUD/USD retreated 0.4% to 0.6720 and NZD/USD dropped 0.5% to 0.6180 as aggressive Fed easing bets reach saturation. Markets have fully priced in 100 basis points of cuts through 2025, limiting further dollar weakness. Australian employment data disappointed with only 15.9K jobs added versus 25K expected, pressuring the Aussie. New Zealand's business confidence index fell to -28, highlighting economic headwinds. Technical analysis shows AUD/USD rejected at the 0.6750 resistance level, with the 200-day moving average acting as a ceiling. NZD/USD failed to sustain moves above 0.6200, confirming bearish momentum. US 10-year yields rose 5 basis points to 3.85%, supporting dollar strength against commodity currencies. Both pairs face additional pressure from China's slowing growth concerns. Near-term support levels are 0.6680 for AUD/USD and 0.6150 for NZD/USD.