NZDUSD Down 3 Pips in Last Hour, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 28, 2021 1:23 GMT)

At the time of this writing, NZDUSD’s rate is down -3 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDUSD is up 51 pips (0.7%) since the day prior (opening today near 0.72755), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZDUSD ranked 7th the day prior in terms of percentage price change. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

Notably, the current price of NZDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 59.4 pips away. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 17 them.