AUDNZD Up 2 Pips Over Past Hour, 5 Day Down Streak Snapped; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 23, 2020 0:13 GMT)

Currently, AUDNZD’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd hour in a row AUDNZD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 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)

A moment of silence, please, for the end of AUDNZD’s 5 day down streak; price ended the day prior up 50 pips (0.46%) to finish the day at a rate of 1.08312. Compared to its peers in the Forex, AUDNZD gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Let’s take a look at price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

The first thing we should note is that AUDNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.0881, 1.0837, 1.0763 and 1.0581 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone down 8 out of the past 14 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 90 and 30 day

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 0 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, parabolic sar, stochastic and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

i shared this in my free signals channel


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