(Last Updated April 23, 2021 2:22 GMT)
At the time of this writing, NZDUSD’s rate is up 5 pips (0.07%) 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 back and forth price flow continues for NZDUSD, which started today off at 0.71543, down 50 pips 0.69% from the day prior. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 35th for the day in terms of price change. Here is a price chart of NZDUSD.
NZDUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed below its 100 day moving average yesterday. 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 100 day average, which is 0.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 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 10 days NZDUSD’s price has gone up 6 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 14 day