(Last Updated August 11, 2020)
Welcome to the news page for AUDNZD (AUDNZD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
On AUDNZD, there is currently an uptrend on the 90, 30 and 14 day timeframes.
AUDNZD’s moving averages suggest the trend on a number of time horizons is bullish.
Below is a chart showing AUDNZD’s price with its moving averages.
As for assets in the Forex asset class AUDNZD has been correlated to over the past week, it has been most correlated with NZDUSD:CUR. Over the past 14 days, however, USDZAR:CUR is the asset most correlated to AUDNZD. Alternatively, the asset least correlated with AUDNZD over the past week has been USDCNH, but if we observe the prior two weeks, USDHKD has been the asset least correlated with AUDNZD. The chart below illustrates AUDNZD against its least correlated assets.
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Currently, AUDNZD’s rate is down -3e-04 (-0.02%) from the week prior. It’s been a feast for bulls operating on the weekly timeframe, as AUDNZD has now gone up 4 of the past 5 weeks. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDNZD. Given that we see an uptrend on the 20 and 5 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. AUDNZD’s weekly price action over the past 52 weeks can be seen via the chart below.
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.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
This imputes a buy/sell ratio of 1.09, which is neutral.
On our analysis, we saw a potential trend continuation pattern, but we will not jump into the trade.
I wont give a entry, stop loss and take profit in my chart…it is only for educational purpose and i am sharing how i am analyzing the pair and labeling them according to the elliott wave theory…
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.
This imputes a buy/sell ratio of 1, which is neutral.
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.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
For additional context, note that price has gone down 15 out of the past 30 days.