NZDUSD Up 11 Pips in Last Hour, Moves Up For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 4, 2020 9:52 GMT)

At the moment, NZDUSD’s rate is up 11 pips (0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being 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 is up 15 pips (0.21%) since the day prior (opening today near 0.67705), marking the 2nd straight day it has gone up. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 12th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, the current price of NZDUSD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Price action traders in particular will want to note that the 30 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.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDUSD, with 8 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A week ago, NZDUSD exited the falling channel. Now the price has returned to the support lines and this is a good opportunity to buy NZDUSD.The target is the level 0.6891.


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