AUD/NZD Up 7 Pips Over Past 4 Hours, 2 Day Down Streak Broken; in a Downtrend Over Past 14 Days

AUD/NZD 4 Hour Price Update

Updated June 18, 2020 09:10 AM GMT (05:10 AM EST)

The choppiness in the recent four-hour candle price action of AUD/NZD continues; to start the current 4 hour candle, it came in at a price of 1.0671, up 7 pips (0.07%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, AUD/NZD ended up ranking 15th for the four-hour candle in terms of price change.

AUD/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/NZD entered today at 1.06718, up 13 pips (0.12%) from the previous day. Compared to its peers in the Forex, AUD/NZD gave its buyers a return that ranked 8th in terms of percentage change since the previous day. Below is a price chart of AUD/NZD.

AUD/NZD Technical Analysis

Notably, the current price of AUD/NZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 14 and 30 day timeframes, 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. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDNZD, with 7 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

this Pair has formed a descending triangle pattern in the 1 hour time frame. look out for a bearish breakout to the downside below the horizontal support forming the descending triangle pattern. wait for a pullback to the horizontal support and sell at retest targeting the next structure breakout.