NZDUSD Up 2 Pips On Hourly Chart, Entered Today Up For the 2nd Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated July 23, 2021 2:23 GMT)

Currently, NZDUSD’s rate is up 2 pips (0.03%) from the hour prior. The hourly chart shows that NZDUSD has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists 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 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 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 up 19 pips (0.27%) since the day prior (opening today near 0.69814), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

The first thing we should note is that NZDUSD is now close to its 20, 50, 100 and 200 day averages, located at 0.6995, 0.7097, 0.7117 and 0.7081 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 14 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDUSD; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.

The direction of the NZD/USD into the close on Thursday is likely to be determined by trader reaction to .6963 to .6982.