AUD/NZD Down 7 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

AUD/NZD 4 Hour Price Update

Updated July 02, 2020 01:17 AM GMT (09:17 PM EST)

AUD/NZD is down 7 pips (0.07%) since the last 4 hour candle (opening the current 4 hour candle near 1.0667), marking the 6th candle in a row it has gone down. Relative to other instruments in the Forex asset class, AUD/NZD ranked 26th the last 4 hour candle in terms of percentage price change.

AUD/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/NZD is down 5 pips (0.05%) since yesterday (opening today near 1.06693), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, AUD/NZD ranked 35th yesterday in terms of percentage price change. Below is a price chart of AUD/NZD.

AUD/NZD Technical Analysis

Notably, 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 20 day average, which is 6.7 pips away. Volatility for AUD/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days AUD/NZD’s price has gone down 6 them. 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

We’re seeing some traders come out with interesting conviction on AUDNZD, with 0 buy signals on our radar and 6 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 a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Structure contains five overlapping waves A-B-C-D-EA-B-C-D-E wave is a corrective wave and where the wave ends at E, main trend resumes.ABCDE is a triangle wave, and final wave E tells us prices will breakout to join main direction.Professionally Yours