AUDNZD Up 10 Pips Over Past Hour, 2 Day Down Streak Ended; Nears 20 and 100 Day Moving Averages

Hourly Update

(Last Updated October 6, 2020 15:13 GMT)

Currently, AUDNZD’s rate is up 10 pips (0.09%) from the hour prior. This is the 2nd straight hour AUDNZD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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)

The choppiness in the recent daily price action of AUDNZD continues; to start today, it came in at a price of 1.07989, up 15 pips (0.14%) since yesterday. Relative to other instruments in the Forex asset class, AUDNZD ranked 22nd yesterday in terms of percentage price change. Below is a price chart of AUDNZD.

AUDNZD

AUDNZD Technical Analysis

Coming into today AUDNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.0826, 1.0857, 1.0772 and 1.0599 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 100 day average, which is 27.1 pips away. Volatility for AUDNZD 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 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDNZD, with 3 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

D1 – bearish marke strucutre , weekly resistance rebound , shooting star formation bulls exhaustion H4- Fibonaci 61.8 rejection, bearish engulfing bearsh in control, trendline rejectionH1 – Shift momentum, bearish engulfing Dont expose more on AUD .