NZDUSD Down 7 Pips in Last Hour; Came Into Today Up For the 3rd Consecutive Day

Hourly Update

(Last Updated September 17, 2020 23:18 GMT)

At the moment, NZDUSD’s rate is down -7 pips (-0.1%) from the hour prior. NZDUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDUSD. Given that we see an uptrend on the 20 and 10 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD is up 13 pips (0.19%) since yesterday (opening today near 0.6712), marking the 3rd consecutive day it has gone up. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 10th in terms of percentage change since yesterday. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20 and 50 day averages, located at 0.6655 and 0.6623 respectively, and thus may be at a key juncture along those timeframes. 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 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 11 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.92, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDUSD has formed quite an interesting price-action the last times and can show up with some decent setups when the proper scenarios show up, therefore I detected the important levels and possible outcomes we should consider with NZDUSD at the moment….Looking at my chart you can watch the pair building this massive triangle-formation with the upper and lower boundary marked in blue, besides that the pair is forming a wave-count in which it completes the wave D now and sets up to form the final wave E which can finish the whole formation, what is also important here is that the pair bounced from the 60-EMA in red and confirmed it as support, therefore these levels ending in a coherent support cluster marked in green in my chart….In this manner, thank you for watching, support for more market insight, good day to you, and all the best!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram