NZDUSD Up 4 Pips Over Past Hour, 4 Day Up Streak Ended; Bearish Engulfing Pattern Present

Hourly Update

(Last Updated April 19, 2021 2:22 GMT)

At the moment, NZDUSD’s rate is up 4 pips (0.06%) 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. 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)

A moment of silence, please, for the end of NZDUSD’s 4 day up streak; price ended the previous day down 32 pips (-0.45%) to finish the day at a rate of 0.71439. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 35th in terms of percentage change since the previous day. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed below its 50 and 100 day moving averages 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 4.5 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDUSD; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.

The Business NZ PMI came in at 63.6, up 9.4 points from February, and the highest monthly result since the survey began in 2002.