AUD/NZD Down 6 Pips in Last 4 Hours, 2 Day Down Streak Broken; Eyes 50 Day Average

AUD/NZD 4 Hour Price Update

Updated July 24, 2020 01:08 PM GMT (09:08 AM EST)

AUD/NZD is down 6 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 1.0689), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, AUD/NZD gave its buyers a return that ranked 22nd in terms of percentage change since the last 4 hour candle.

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 1.07021, 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 6th in terms of percentage change since the day prior. Here 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. 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 24.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 16 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.78, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

HARMONIC FLAG + 61.8 RETRACEMENT + FIFTH WAVE ELLIOT + SECOND TRENDBOUNCE