AUDNZD Down 4 Pips Over Past Hour; 7 Day Down Streak Ended

Hourly Update

(Last Updated October 21, 2020 10:14 GMT)

At the moment, AUDNZD’s rate is down -4 pips (-0.04%) from the hour prior. AUDNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20, 10 and 5 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 20, 50, 100 and 200 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)

A moment of silence, please, for the end of AUDNZD’s 7 day down streak; price ended yesterday up 14 pips (0.13%) to finish the day at a rate of 1.0706. Compared to its peers in the Forex, AUDNZD gave its buyers a return that ranked 17th in terms of percentage change since yesterday. The price chart of AUDNZD below illustrates.

AUDNZD

AUDNZD Technical Analysis

Notably, AUDNZD 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 100 day average, which is 70.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days AUDNZD’s price has gone down 20 them.