NZDUSD Up 2 Pips On Hourly Chart, Entered Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated June 10, 2021 7:23 GMT)

At the moment, NZDUSD’s rate is up 2 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD is down 20 pips (0.28%) since yesterday (opening today near 0.71722), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, NZDUSD ranked 36th yesterday in terms of percentage price change. Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD crossed below 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 50 day average, which is 7.8 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish 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. For additional context, note that price has gone up 15 out of the past 30 days.