As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 20.61% from the day prior, but up 65.76% from the same day the week before.
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.
But, let’s take that with a grain of salt. 🙂 as for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns.
Something else of critical noteworthiness is that aud/nzd’s momentum/trend on a 90 day basis may be decelerating.
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.