AUD/NZD Price Recap
AUD/NZD is up 49 pips (0.47%) since yesterday (with its current price near 1.04723), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 7.18% from the day prior, but down 8% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/NZD ended up ranking 3rd for the day in terms of day-over-day price change. Below is a price chart of AUD/NZD.
AUD/NZD Technical Analysis
Coming into today AUD/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.0382, 1.0407, 1.0559 and 1.0553 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 65.2 pips away. Volatility for AUD/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 9 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on AUDNZD, with 16 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 3.2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of pennant, trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
On the monthly timeframe we see a pennantWe see it attempting to finish the 1,2,3,4 drive….A climb to the upper trendline then a dropDaily timeframe we see a falling expanded wedge broken to the upside for a buy