It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
As for the rationale, technical traders seem to be citing the appearance of double top, flag and gartley technical patterns.
Alternatively, regarding pairs with the lowest correlation to aud/nzd?
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
This imputes a buy/sell ratio of 0.67, which is bearish.
Out of the 40 instruments in the forex asset class, aud/nzd ended up ranking 35th for the day in terms of day-over-day price change.
Or to simplify this another way, note that out of the past 30 days aud/nzd’s price has gone up 18 them.
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.