NZDUSD Down 23 Pips in Last Hour, 2 Day Down Streak Snapped; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 10, 2020 16:17 GMT)

At the time of this writing, NZDUSD’s rate is down -23 pips (-0.34%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them so that price is now turning below them. 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 0.66831, up 65 pips (0.99%) since yesterday. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 4th for the day in terms of price change. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDUSD, with 13 buy signals on our radar and 31 sell signals. This imputes a buy/sell ratio of 0.42, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price is in a strong falling channel, so I expect it will reach the bootom of this channel


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram