AUD/NZD Up 2 Pips On Hourly Chart, Came Into Today Down For the 2nd Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated July 15, 2022 1:37 GMT)

At the time of this writing, AUDNZD’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as AUDNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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)

AUDNZD is down 4 pips (0.04%) since the previous day (opening today near 1.1014), marking the 2nd straight day it has gone down. Compared to its peers in the Forex, AUDNZD gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Let’s take a look at price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

The first thing we should note is that AUDNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.1019, 1.1033, 1.0932 and 1.0747 respectively, and thus may be at a key juncture along those timeframes. 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 4.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days AUDNZD’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.