AUD/NZD Up 23 Pips Over Past 4 Hours, Nears 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

AUD/NZD 4 Hour Price Update

Updated July 21, 2020 09:06 AM GMT (05:06 AM EST)

AUD/NZD is up 23 pips (0.22%) since the last 4 hour candle (opening the current 4 hour candle near 1.0709), marking the 3rd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, AUD/NZD ended up ranking 6th for the four-hour candle in terms of price change.

AUD/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUD/NZD entered today at 1.06701, up 2 pips (0.02%) from yesterday. Relative to other instruments in the Forex asset class, AUD/NZD ranked 19th yesterday in terms of percentage price change. Here is a price chart of AUD/NZD.

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. 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 6.6 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 10 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of flag 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 Trade Analysis For Long PositionA Bullish Descending Triangle breakout spotted at AUDNZD pairwe are looking for price pull back and enter long positionBuy Limit 1.06661SL 1.06361TP 1 1.06861TP 2 1.07161TP 3 1.07661*Please apply your own risk management skill*Risk no more than 1% of your trading capital*Please choose the take profit point best suit your trading portfolio*Always trail your profit when trade running profit*Apply Break even point to protect your capital when trade running profitIf the pending order didnt get filled, we will delete the pending orderDisclaimerThe content on this trade analysis is subject to change at any time without notice….Any information provided here is only the personal opinion of the author….This information is intended for educational purposes.