NZD/USD Up 17 Pips On 4 Hour Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/USD 4 Hour Price Update

Updated July 06, 2020 05:05 AM GMT (01:05 AM EST)

NZD/USD is up 17 pips (0.26%) since the last 4 hour candle (opening the current 4 hour candle near 0.6554), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, NZD/USD ended up ranking 8th for the four-hour candle in terms of price change.

NZD/USD End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of NZD/USD’s 4 day up streak; price ended the previous day down 15 pips (-0.22%) to finish the day at a rate of 0.65167. Relative to other instruments in the Forex asset class, NZD/USD ranked 39th the previous day in terms of percentage price change. The price chart of NZD/USD below illustrates.

NZD/USD Technical Analysis

Coming into today the current price of NZD/USD 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. 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 63.1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZD/USD’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 14 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.67, which is 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.

A similar situation for the Greenback we have found here as a possible Breakout off of our Bullish Rectangle @ 0.65200 for a Bullish burst becomes feasible….Tendency: Uptrend ( Bullish )Structure: Breakout | Bullish Rectangle | ChannelObservation: i….The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions.