AUDNZD Up 6 Pips On Hourly Chart, Entered Today Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 17, 2020 23:13 GMT)

Currently, AUDNZD’s rate is up 6 pips (0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as AUDNZD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDNZD is down 2 pips (0.02%) since the previous day (opening today near 1.08721), marking the 2nd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, AUDNZD ended up ranking 21st for the day in terms of price change. The price chart of AUDNZD below illustrates.

AUDNZD

AUDNZD Technical Analysis

The first thing we should note is that AUDNZD is now close to its 20, 50 and 100 day averages, located at 1.0909, 1.0819 and 1.0755 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 90 day horizon; over that time period, price has been moving up. 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. Or to simplify this another way, note that out of the past 10 days AUDNZD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 4 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a parabolic sar technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram