AUD/NZD Down 0.02%, is Inching Close to 20, 50, 100 and 200 Day Averages

h2>AUD/NZD Price Recap AUD/NZD is down 0.02% since yesterday (with its current price near 1.05979), marking the 4th day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 19.19% from the day prior, and up 3.65% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/NZD ranked 17th yesterday in terms of percentage price change. Below is a 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. Volatility for AUD/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time.

We’re seeing some traders come out with interesting conviction on AUDNZD, with 6 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.86, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we ; below is a short snippet from it to give you a taste.
After enjoying a 188pips profit run in our last trade on this pair (see link below for reference purposes), let us look at what our expectations are going to be like on this pair in the coming weeks/months; Tendency: Uptrend ( Bullish )Structure: Harmonic | BAT | AB=CD…