NZD/USD Makes Big Move Relative to Two Week Trend, Down 179 Pips; in a Downtrend Over Past 90 Days

NZD/USD Price Recap

The back and forth price flow continues for NZD/USD, which starts today off at 0.60895 US dollars, down 179 pips 2.86% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 111.41% from the day prior, and up 85.71% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/USD ended up ranking 37th for the day in terms of day-over-day price change. Below is a price chart of NZD/USD.

NZD/USD Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days NZD/USD’s price has gone down 18 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 11 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

NZDUSD idea long The price has reached the bottom of a long-term channel , it’s logical to expect growth , but there is an alternative – if the price breaks the channel tjen i expect the first target 0.58000