NZDUSD Up 17 Pips in Last Hour; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 9, 2020 15:17 GMT)

Currently, NZDUSD’s rate is up 17 pips (0.26%) from the hour prior. NZDUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 0.66898, down 26 pips (0.38%) since the previous day. Relative to other instruments in the Forex asset class, NZDUSD ranked 32nd the previous day in terms of percentage price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20 and 50 day averages, located at 0.6623 and 0.6604 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 8 buy signals on our radar and 20 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci, pennant and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I see a bearish Pennant formation, if the pair cannot break above the resistance shown, then a heavy fall awaits the pair. Please feel free to criticize my idea. Please like the idea if you support it. Thanks.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram