AUD/NZD Up 1 Pips Over Past 4 Hours, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

AUD/NZD 4 Hour Price Update

Updated June 29, 2020 09:06 PM GMT (05:06 PM EST)

AUD/NZD is up 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.0692), marking the 2nd candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, AUD/NZD ranked 18th the previous 4 hours in terms of percentage 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 1.06884, up 6 pips 0.05% from the day prior. Compared to its peers in the Forex, AUD/NZD gave its buyers a return that ranked 10th in terms of percentage change since the day prior. The price chart of AUD/NZD below illustrates.

AUD/NZD Technical Analysis

The first thing we should note is that AUD/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 8.5 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. The clearest trend exists on the 90 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 30 day timeframe. 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 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 8 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.42, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

the price is making a series of lower highs and there is a possibility that the market may break to the downside to a new higher low….Target 1 might be our first Take-profit, if the markert breaks to the downside….However, that does not mean that price may not be bullish.if the price breaks above the falling trend line that is making higher lows then expect a move to the upper resistance zone target 1 on the upper region.