AUD/NZD Down 5 Pips On Hourly Chart, Breaks Below 20 and 50 Day Averages; Evening Star Pattern Appearing on Chart

Hourly Update

(Last Updated July 12, 2022 1:36 GMT)

At the time of this writing, AUDNZD’s rate is down -5 pips (-0.04%) from the hour prior. The hourly chart shows that AUDNZD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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, which opened today priced near 1.1013, is down 55 pips 0.5% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the Forex asset class, AUDNZD ranked 26th the previous day in terms of percentage price change. Here is a price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

Notably, AUDNZD crossed below its 20 and 50 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 20 day average, which is 16.2 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a evening star pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDNZD, with 1 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of double top and triple top technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Sell After Neckline BreakoutSL = 1.11200TP1 = 1.08000TP2 = 1.07300