(Last Updated June 1, 2021 2:22 GMT)
At the time of this writing, NZDUSD’s rate is down 0 pips (-0.01%) from the hour prior. The hourly chart shows that NZDUSD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see an uptrend on the 20 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)
The back and forth price flow continues for NZDUSD, which started today off at 0.72784, up 35 pips 0.48% from the previous day. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 2nd for the day in terms of price change. The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
The first thing we should note is that NZDUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 52.1 pips away. 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. For additional context, note that price has gone up 7 out of the past 10 days.