NZD/USD Down 23 Pips; in a Downtrend Over Past 90 Days

NZD/USD Price Recap

NZD/USD is down 23 pips (0.37%) since yesterday (with its current price near 0.60425), marking the 3rd day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 0.92% from the day prior, and up 217.06% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/USD ended up ranking 24th for the day in terms of day-over-day price change. Let’s take a look at price chart of NZD/USD.

NZD/USD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days NZD/USD’s price has gone up 5 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 10 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price broke below the trendline. It has no choice but to continue with it’s bearish move down to the demand zone below, which coincides with the D level of the ABCD pattern.