NZD/USD Down 19 Pips in Last Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 9, 2022 1:42 GMT)

At the time of this writing, NZDUSD’s rate is down -19 pips (-0.29%) from the hour prior. NZDUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 24 pips (0.37%) since the day prior (opening today near 0.64057), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 37th for the day in terms of price change. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

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 223.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 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 10 days NZDUSD’s price has gone down 9 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 3 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My views on NZDUSD is bearish .Support lines:1) 0.634042) 0.628273) 0.61674Please❤️ Like❤️ Comment❤️ Share❤️ Follow❤️ Turn notification on✍ Trade at your own risk