NZDUSD Up 12 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated November 23, 2020 2:20 GMT)

At the moment, NZDUSD’s rate is up 12 pips (0.17%) from the hour prior. The hourly chart shows that NZDUSD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

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 0.69279, up 19 pips (0.28%) since yesterday. Relative to other instruments in the Forex asset class, NZDUSD ranked 11th yesterday in terms of percentage price change. Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

The first thing we should note is that NZDUSD is now close to its 20 day averages, located at 0.6776 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 19 them.