AUD/NZD Down 8 Pips On Hourly Chart, 4 Day Up Streak Snapped; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated June 6, 2022 1:36 GMT)

At the moment, AUDNZD’s rate is down -8 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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)

After 4 up days, AUDNZD snaps its streak, falling 1 pips (-0.01%) over the past day to close at an exchange rate of 1.10747. Relative to other instruments in the Forex asset class, AUDNZD ranked 21st the day prior in terms of percentage price change. Let’s take a look at price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

Notably, AUDNZD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.