AUD/NZD Down 9 Pips in Last 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

AUD/NZD 4 Hour Price Update

Updated August 03, 2020 05:11 AM GMT (01:11 AM EST)

AUD/NZD is down 9 pips (0.08%) since the previous 4 hours (opening the current 4 hour candle near 1.076), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, AUD/NZD gave its buyers a return that ranked 27th in terms of percentage change since the previous 4 hours.

AUD/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/NZD is up 1 pips (0.01%) since the previous day (opening today near 1.07722), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, AUD/NZD gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Here is a price chart of AUD/NZD.

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 1.0689, 1.0675, 1.0661 and 1.051 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone down 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 8 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, head and shoulders, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

8H TFFundamentals suggest bullish trendTues 5.30pm AUD cash rate/RBA statement – unlikely to show change. 11.45pm NZD unemployment rates, recovering but wages down. 1) Poss 3rd touch of trendline2) EMA in support3) HH, LL structure is bullish4) psych level shows prev support5) Look for candlestick rejection in zone