NZDUSD Down 20 Pips in Last Hour, Moves Down For the 2nd Straight Day; Eyes 100 Day Average

Hourly Update

(Last Updated October 8, 2020 2:20 GMT)

Currently, NZDUSD’s rate is down -20 pips (-0.3%) from the hour prior. NZDUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)

NZDUSD is down 5 pips (0.08%) since the previous day (opening today near 0.65769), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, NZDUSD ranked 26th the previous day in terms of percentage price change. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today the current price of NZDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!