NZD/USD Moves Down For the 5th Day In A Row; in a Downtrend Over Past 14 Days

NZD/USD Price Recap

NZD/USD is down 202 pips (3.4%) since yesterday (with its current price near 0.57367), marking the 5th day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 31.6% from the day prior, and up 1.88% 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 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days.

A final note on correlations: over the past week, NZD/CHF has been the pair most correlated with NZD/USD — a common occurrence, given the presence of NZD in both currency pairs. As for pairs with the least correlation, that belongs to CHF/JPY over the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 21 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 1.05, which is neutral. 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.

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