NZD/USD Down 104 Pips; in a Downtrend Over Past 14 Days

NZD/USD Price Recap

NZD/USD is down 104 pips (1.72%) since yesterday (with its current price near 0.59386), marking the 4th day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 21.63% from the day before — and down 23.24% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/USD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of NZD/USD.

NZD/USD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 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 25 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

NZD/USD pares the decline following the RBNZ rate cut, but the exchange rate may continue to carve a series of lower highs and lows as the RSI sits in oversold territory.