NZDUSD Down 2 Pips Over Past Hour, Price Base in Formation Over Past 90 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated May 31, 2021 2:23 GMT)

Currently, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

A moment of silence, please, for the end of NZDUSD’s 4 day up streak; price ended the day prior down 41 pips (-0.56%) to finish the day at a rate of 0.72435. Relative to other instruments in the Forex asset class, NZDUSD ranked 38th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today NZDUSD is now close to its 20, 50 and 100 day averages, located at 0.7222, 0.7146 and 0.7179 respectively, and thus may be at a key juncture along those timeframes. 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 21.3 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. For additional context, note that price has gone up 6 out of the past 10 days.