NZD/USD Down 9 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 12, 2022 1:43 GMT)

Currently, NZDUSD’s rate is down -9 pips (-0.14%) from the hour prior. NZDUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDUSD. Given that we see downtrend on the 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 down 0 pips (0.01%) since the previous day (opening today near 0.62895), marking the 5th straight day it has gone down. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 9th for the day in terms of price change. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

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 260.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 13 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.