NZD/USD Down 0 Pips in Last Hour, 5 Day Up Streak Broken; Crosses 50 Day Moving Average

Hourly Update

(Last Updated October 5, 2020 16:26 GMT)

Currently, NZDUSD’s rate is down 0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD, which opened today priced near 0.66322, is down 14 pips 0.21% since yesterday, marking a reversal from the day prior — and the end of a 5 day positive run. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDUSD, with 22 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.96, which is neutral. As for the rationale, technical traders seem to be citing the appearance of flag and relative strength index technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

NZD/USD appears to have reversed coursed ahead of the August low (0.6489), and the RSI may show the bearish momentum abating if it breaks out of the downward trend.