AUD/NZD Down 3 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Sentiment Suggests Buyers in Charge

Hourly Update

(Last Updated December 29, 2021 1:39 GMT)

At the moment, AUDNZD’s rate is down -3 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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. 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)

AUDNZD is up 7 pips (0.07%) since the day prior (opening today near 1.06254), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, AUDNZD ranked 8th the day prior in terms of percentage price change. Below is a price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

The first thing we should note is that AUDNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.0538, 1.0468, 1.0451 and 1.0588 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 200 day average, which is 37.8 pips away. Volatility for AUDNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days AUDNZD’s price has gone up 16 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

High probability chance for AUDNZD to drop. Opportunity to collect some pips.