AUD/NZD Down 62 Pips, in an Uptrend Over Past 14 Days; is Inching Close to 20 and 50 Day Averages

AUD/NZD Price Recap

The choppiness in the recent daily price action of AUD/NZD continues; to start today, it comes in at a price of 1.04145 US dollars, down 62 pips (0.59%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 5.74% from the day prior, but down 18.31% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/NZD ended up ranking 35th for the day in terms of day-over-day price change. The price chart of AUD/NZD below illustrates.

AUD/NZD Technical Analysis

Coming into today 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. 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 9.8 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDNZD, with 20 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.86, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

It has tested our strong support but it did not pass it. we have an over sell in RSI -20 It is going up.