NZDUSD Up 14 Pips in Last Hour, Underperforms All Forex; Came Into Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated May 3, 2021 2:22 GMT)

Currently, NZDUSD’s rate is up 14 pips (0.2%) from the hour prior. The hourly chart shows that NZDUSD has seen 3 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 down 87 pips (1.19%) since yesterday (opening today near 0.71595), marking the 2nd consecutive day it has gone down. Those trading within the Forex asset class should know that NZDUSD was the worst performer in the class. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed below its 100 day moving average yesterday. 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 5.1 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.