NZDUSD Down 2 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 7, 2020 15:17 GMT)

Currently, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 9 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 200 hour moving average has been crossed, so that price is now turning below it. 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 0.67155, up 5 pips 0.07% from the day prior. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 13th in terms of percentage change since the day prior. Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today NZDUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 12 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Rejection at the 61.3% Fibo of the downward impulse on the 4hr timeframe. Creating a lower timeframe buy setup to the third touch of this corrective flag variation.


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