NZDUSD Up 5 Pips in Last Hour, in an Uptrend Over Past 30 Days; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated November 20, 2020 2:20 GMT)

Currently, NZDUSD’s rate is up 5 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning above 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)

NZDUSD entered today at 0.69088, down 15 pips (0.22%) from the previous day. Relative to other instruments in the Forex asset class, NZDUSD ranked 29th the previous day in terms of percentage price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20 day averages, located at 0.6764 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 19 them.