NZDUSD Up 5 Pips On Hourly Chart, Price Base in Formation Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 2, 2021 2:23 GMT)

At the time of this writing, NZDUSD’s rate is up 5 pips (0.07%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDUSD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDUSD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on NZDUSD; it is now pointing up. 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 entered today at 0.72502, down 28 pips (0.39%) from the day prior. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

The first thing we should note is that the current price of NZDUSD is sitting close to its 20, 50 and 100 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 19.5 pips away. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 6 them.

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 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Overall, NZD/USD is ranging across. Recently, NZD/USD rejected the resistance zone of 0.72850.Currently, NZD/USD is moving towards the resistance zone of 0.72850 and the next support zone is at 0.71000.Look for selling opportunities of NZD/USD if it bounces off the resistance zone of 0.72850.