Relative to other instruments in the forex asset class, aud/nzd ranked 25th the day prior in terms of percentage price change.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
It may be worth observing that aud/nzd was the worst performer of the 40 members in the forex asset class over the past day.
We expect bullish trend to continue and to catch the next move to the upside now.
The closest is the 20 day average, which is 24.1 pips away.
This imputes a buy/sell ratio of 0.73, which is bearish.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
With that being said, the rbnz policy stance is looking more dovish than the rba’s….
As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern.
The closest is the 20 day average, which is 122.6 pips away.