(Last Updated September 8, 2020 15:17 GMT)
Currently, NZDUSD’s rate is down -12 pips (-0.18%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)
The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.67155, up 5 pips (0.07%) since the day prior. Relative to other instruments in the Forex asset class, NZDUSD ranked 13th the day prior in terms of percentage price change. The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
Coming into today NZDUSD is now close to its 20 and 50 day averages, located at 0.6618 and 0.6599 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDUSD, with 20 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 1.11, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a moving average technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Rejection at the 61.3% Fibo of the downward impulse on the 4hr timeframe. Creating a lower timeframe buy setup to the third touch of this corrective flag variation.