AUD/USD, NZD/USD Rally Stalls at Critical Technical Resistance

Antipodean currencies have paused their recent advance against the US dollar at significant technical levels. AUD/USD peaked at 0.6285 before retreating to 0.6260, failing to break above the 200-day moving average that has capped rallies since November. NZD/USD similarly stalled at 0.5680, encountering resistance at the 38.2% Fibonacci retracement of the December-January decline. The dollar index has found support at 108.20 after pulling back from 109.50 highs. Both commodity currencies benefited from improved risk sentiment and firmer commodity prices, with iron ore up 2.8% and dairy futures gaining 1.5%. However, diverging central bank policies continue to favor the dollar, with the RBA and RBNZ expected to maintain current rates while the Fed signals potential further tightening. Near-term support for AUD/USD sits at 0.6230, while NZD/USD eyes 0.5650 as immediate floor.