NZD/USD Up 1 Pips in Last Hour, Entered Today Down For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 10, 2022 1:43 GMT)

At the time of this writing, NZDUSD’s rate is up 1 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see downtrend on the 20 and 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 81 pips (1.26%) since the day prior (opening today near 0.6325), marking the 3rd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 36th for the day in terms of price change. Let’s take a look at 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 279.4 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 23 out of the past 30 days.