NZDUSD Down 2 Pips Over Past Hour; Moves Up For the 3rd Day In A Row

Hourly Update

(Last Updated September 16, 2020 23:18 GMT)

At the time of this writing, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 4 of the past 5 hours. 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)

NZDUSD is up 13 pips (0.19%) since yesterday (opening today near 0.6712), marking the 3rd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

The first thing we should note is that NZDUSD is now close to its 20 and 50 day averages, located at 0.6655 and 0.6623 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 16 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 7 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.58, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

short entry for NZD/USD with rising wedge formation


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