NZDAUD pushes through Wednesday's high


New Zealand Dollar/Australian Dollar (NZDAUD) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NZDAUD closes above its opening price after recovering from early selling pressure
NZDAUD closes higher for the 2nd day in a row
NZDAUD pushes through Wednesday's high

Overview

Moving higher for the 2nd day in a row, NZDAUD ended Thursday at 0.9833 gaining 15 pips (0.15%). Trading up to 36 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 0.9820, the pair confirmed its breakout through the previous session high after trading up to 60 pips above it intraday.

Daily Candlestick Chart (NZDAUD as at Mar 26, 2020):

Daily technical analysis candlestick chart for New Zealand Dollar/Australian Dollar (NZDAUD) as at Mar 26, 2020

Thursday's trading range has been 98 pips (1.0%), that's slightly below the last trading month's daily average range of 113 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for NZDAUD.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Monday, NZDAUD actually lost -0.16% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for NZD/AUD. Out of 245 times, NZDAUD closed higher 53.47% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.59% with an average market move of 0.12%.


Market Conditions for NZDAUD as at Mar 26, 2020

Loading Market Conditions for NZDAUD (New Zealand Dollar/Australian Dollar)...
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