AUD/NZD 3 Day Up Streak Snapped, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

AUD/NZD Price Recap

AUD/NZD is up 4 pips (0.04%) since yesterday (with its current price near 1.04766), marking the 3rd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 10.39% from the day before — and down 17.22% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/NZD ranked 20th yesterday in terms of percentage price change. Let’s take a look at price chart of AUD/NZD.

AUD/NZD Technical Analysis

The first thing we should note is that AUD/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 70.5 pips away. 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. Or to simplify this another way, note that out of the past 30 days AUD/NZD’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDNZD, with 26 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 3.71, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

There is a possibility of temporary retracement to suggested support line (1.0436)….if so, traders can set orders based on Price Action and expect to reach short-term targets…..The price is above the 21-Day WEMA which acts as a dynamic support.