NZDUSD Down 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 23, 2020 0:18 GMT)

At the moment, NZDUSD’s rate is down -1 pips (-0.02%) from the hour prior. NZDUSD has seen its price go down 8 out of the past 10 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. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see downtrend on the 20 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 82 pips (1.21%) since the day prior (opening today near 0.6667), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, NZDUSD ranked 39th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed below its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 3 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.16, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price touched the lower band of the Bollinger Bands twice….And we can see that the Bollinger Bands turned broader like a trumpet….So, does this point have enough pressure to push the price back to the middle?


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