(Last Updated June 9, 2021 20:24 GMT)
At the time of this writing, NZDUSD’s rate is up 1 pips (0.02%) from the hour prior. This is the 2nd hour in a row NZDUSD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see downtrend on the 20 and 10 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 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 back and forth price flow continues for NZDUSD, which started today off at 0.71921, down 32 pips 0.44% from the day prior. Relative to other instruments in the Forex asset class, NZDUSD ranked 37th the day prior in terms of percentage price change. The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
Notably, NZDUSD crossed below its 20 day moving average 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 100 day average, which is 9.2 pips away. Price action traders in particular will want to note that the 14, 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 5 them.