NZDUSD Up 6 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Nears 100 Day Moving Average

Hourly Update

(Last Updated October 9, 2020 2:20 GMT)

At the moment, NZDUSD’s rate is up 6 pips (0.09%) from the hour prior. This is the 2nd straight hour NZDUSD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 2 pips (0.03%) since yesterday (opening today near 0.65747), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 22nd in terms of percentage change since yesterday. Below is a price chart of NZDUSD.


NZDUSD Technical Analysis

Coming into today NZDUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.