NZD/USD Down 3 Pips On Hourly Chart, Entered Today Down For the 9th Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 4, 2022 1:43 GMT)

At the moment, NZDUSD’s rate is down -3 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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 is down 7 pips (0.1%) since yesterday (opening today near 0.64286), marking the 9th day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 24th for the day in terms of price change. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

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 264 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 down 23 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

The NZD/USD hardly took notice of New Zealand’s first-quarter jobs report. A more immediate issue for the New Zealand Dollar is how the Federal Reserve will approach unwinding its balance sheet.