AUD/NZD Up 24 Pips, in an Uptrend Over Past 14 Days; Eyes 50 Day Average

AUD/NZD Price Recap

AUD/NZD enters today at 1.04382 in US dollars, up 24 pips (0.23%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 0.98% from the day prior, but down 20.24% from the same day the week before. Out of the 40 instruments in the Forex asset class, AUD/NZD ended up ranking 10th for the day in terms of day-over-day price change. Below is a price chart of AUD/NZD.

AUD/NZD Technical Analysis

Notably, AUD/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 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 90 day timeframe. Or to simplify this another way, note that out of the past 10 days AUD/NZD’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDNZD, with 12 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

London session needs to close bullish by NY open for setup to be validated. If London session closes bullish then pending order will be placed @ 61.8% fib retracement.