NZDUSD Down 6 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated June 3, 2021 4:24 GMT)

Currently, NZDUSD’s rate is down -6 pips (-0.08%) from the hour prior. NZDUSD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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)

NZDUSD is down 16 pips (0.22%) since yesterday (opening today near 0.72341), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDUSD ranked 30th yesterday in terms of percentage price change. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20, 50 and 100 day averages, located at 0.7232, 0.7159 and 0.7181 respectively, and thus may be at a key juncture along those timeframes. 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 2.5 pips away. Also of note is that on a 90 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 up 16 them.