AUD/NZD Up 7 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Nears 20 and 50 Day Moving Averages

AUD/NZD 4 Hour Price Update

Updated June 23, 2020 01:08 PM GMT (09:08 AM EST)

AUD/NZD entered the current 4 hour candle at 1.0686, up 7 pips (0.07%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, AUD/NZD ended up ranking 13th for the four-hour candle in terms of price change.

AUD/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for AUD/NZD, which started today off at 1.06717, up 13 pips 0.12% from the day prior. Relative to other instruments in the Forex asset class, AUD/NZD ranked 17th the day prior in terms of percentage price change. The price chart of AUD/NZD below illustrates.

AUD/NZD Technical Analysis

The first thing we should note is that 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. Volatility for AUD/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days AUD/NZD’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, 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; below is a short snippet from it to give you a taste.

đŸ’¡Hello traders,I will really apricate any likes and follows, that would help grow this channel.AUD/NZD has been trading above this horizontal support line for quite some time now and we expect price to bounce higher once again.Let us know what you think about this idea.Trade safe !