NZD/USD Up 1 Pips Over Past Hour; Came Into Today Up For the 8th Straight Day

Hourly Update

(Last Updated November 12, 2020 1:33 GMT)

At the moment, NZDUSD’s rate is up 0.0001 (0.01%) 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDUSD. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 62 pips (0.9%) since the previous day (opening today near 0.68815), marking the 8th straight day an increase has occurred. Relative to other instruments in the Forex asset class, NZDUSD ranked 5th the previous day in terms of percentage price change. Below is a price chart of NZDUSD.


NZDUSD Technical Analysis

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. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDUSD, with 6 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.35, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and demand zone technical patterns. Here’s a piece we found on; below is a short snippet from it to give you a taste.

NZDUSD will give us a very nice sell opportunity wait until it touches the green box which is a weekly double top and the final touche of the 4h Ascending channel after then if it gives us a rejection candle then we can look for a shorting opportunity