AUDNZD Down 6 Pips in Last Hour, Nears 20 and 100 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 16, 2020 3:14 GMT)

At the moment, AUDNZD’s rate is down -6 pips (-0.06%) from the hour prior. AUDNZD has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDNZD. Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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 9 pips (0.08%) since yesterday (opening today near 1.07484), marking the 5th straight day it has gone down. Out of the 40 instruments in the Forex asset class, AUDNZD ended up ranking 21st for the day in terms of price change. Let’s take a look at price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

Coming into today AUDNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.0798, 1.0862, 1.0779 and 1.0616 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 30.6 pips away. 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 30 days AUDNZD’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.