NZD/USD Up 7 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

NZD/USD 4 Hour Price Update

Updated July 10, 2020 09:14 AM GMT (05:14 AM EST)

NZD/USD entered the current 4 hour candle at 0.6563, up 7 pips (0.11%) from the previous 4 hours. Relative to other instruments in the Forex asset class, NZD/USD ranked 8th the previous 4 hours in terms of percentage price change.

NZD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/USD entered today at 0.65701, up 1 pips (0.01%) from the previous day. Out of the 40 instruments in the Forex asset class, NZD/USD ended up ranking 25th for the day in terms of price change. Let’s take a look at price chart of NZD/USD.

NZD/USD Technical Analysis

The first thing we should note is that NZD/USD is now close to its 20 day averages, located at 0.6481 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 20 day average, which is 89.6 pips away. 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 14 days NZD/USD’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 10 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of double top and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDUSD – Intraday – We look to Sell at 0.6565 (stop at 0.6590) Broken out of the wedge to the downside….Preferred trade is to sell into rallies….Our profit targets will be 0.6386 and 0.6350 Resistance: 0.6567 / 0.6580 / 0.6600Support: 0.6519 / 0.6386 / 0.6350