NZD/USD Down 8 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated June 7, 2022 1:45 GMT)

At the time of this writing, NZDUSD’s rate is down -8 pips (-0.12%) from the hour prior. This is the 2nd hour in a row NZDUSD has seen its price head down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 down 22 pips (0.34%) since the day prior (opening today near 0.6483), marking the 2nd straight day a decline has happened. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 35th in terms of percentage change since the day prior. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, the current price of NZDUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 5 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 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My views on NZDUSD is bearish .Retest support lines 0.6399 / 0.6338Please❤️ Like❤️ Comment❤️ Share❤️ Follow❤️ Turn notification on✍ Trade at your own risk