AUD/NZD Down 2 Pips in Last Hour, 3 Day Down Streak Broken; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated July 5, 2022 1:35 GMT)

Currently, AUDNZD’s rate is down -2 pips (-0.02%) from the hour prior. AUDNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDNZD. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of AUDNZD’s 3 day down streak; price ended the day prior up 77 pips (0.7%) to finish the day at a rate of 1.1054. Out of the 39 instruments in the Forex asset class, AUDNZD ended up ranking 5th for the day in terms of price change. The price chart of AUDNZD below illustrates.

AUDNZD

AUDNZD Technical Analysis

First things first: AUDNZD crossed above its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.