AUDNZD Down 7 Pips On Hourly Chart, Breaks Above 20 and 200 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated June 7, 2021 17:14 GMT)

Currently, AUDNZD’s rate is down -7 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDNZD has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDNZD is up 20 pips (0.18%) since yesterday (opening today near 1.07399), marking the 4th straight day an increase has occurred. Compared to its peers in the Forex, AUDNZD gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Here is a price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

First things first: AUDNZD crossed above its 20 and 200 day moving averages yesterday. 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 200 day average, which is 5.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days AUDNZD’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.