NZDUSD Down 12 Pips in Last Hour, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 28, 2021 2:22 GMT)

At the moment, NZDUSD’s rate is down -12 pips (-0.17%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, with price now being below it. 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)

The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.72047, down 27 pips (0.37%) since yesterday. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 34th for the day in terms of price change. Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20, 50 and 100 day averages, located at 0.7108, 0.7152 and 0.7159 respectively, and thus may be at a key juncture along those timeframes. 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. The closest is the 100 day average, which is 45.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!