(Last Updated June 6, 2022 1:45 GMT)
Currently, NZDUSD’s rate is up 1 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)
The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.65049, down 54 pips (0.83%) since yesterday. Those trading within the Forex asset class should know that NZDUSD was the worst performer in the class. Below is a price chart of NZDUSD.
NZDUSD Technical Analysis
The first thing we should note is that the current price of NZDUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for NZDUSD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.
Sellers fear the Fed could hike rates more aggressively after data showed stronger than expected growth in U.S. non-farm payroll employment in May.