AUD/NZD Down 32 Pips

AUD/NZD Price Recap

AUD/NZD is down 32 pips (0.31%) since yesterday (with its current price near 1.03415), marking the 5th day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 21.36% from the day prior, but up 22.55% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/NZD ranked 24th yesterday in terms of percentage price change. Let’s take a look at price chart of AUD/NZD.

AUD/NZD Technical Analysis

Notably, AUD/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 64.5 pips away. Or to simplify this another way, note that out of the past 10 days AUD/NZD’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 24 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 3.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, relative strength index and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

AUDNZD reached daily support zone.Price rejected instantly our support zone.We also have a strong bullish RSI divergence.Risk reward ratio is good