NZDUSD Down 2 Pips in Last Hour, Entered Today Down For the 3rd Straight Day; Breaks Below 50 Day Average

Hourly Update

(Last Updated September 24, 2020 0:18 GMT)

At the moment, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. NZDUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD is down 37 pips (0.55%) since the day prior (opening today near 0.66302), marking the 3rd straight day it has gone down. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 34th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD crossed below its 50 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDUSD, with 6 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline 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 Breaked the Rising Wedge….And after Breaking that it has also Breaked a strong support level….In that Chrash it will target 0.61 Price level that is at FIB level 0.5Keep in touch I will Update Further Time to Time.


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