NZDUSD Up 11 Pips On Hourly Chart, Tops All Forex; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated June 7, 2021 17:23 GMT)

At the moment, NZDUSD’s rate is up 11 pips (0.15%) from the hour prior. NZDUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on NZDUSD; it is now pointing down. 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, which opened today priced near 0.72091, is up 60 pips 0.83% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. NZDUSD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD crossed above its 50 and 100 day moving averages yesterday. 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 14.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Also of note is that on the 30 and 90 day bases 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 30 days NZDUSD’s price has gone up 16 them.