NZDUSD Up 2 Pips in Last Hour, Crosses 20 Day Moving Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated February 17, 2021 23:22 GMT)

At the time of this writing, NZDUSD’s rate is up 2 pips (0.03%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on NZDUSD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.71917, down 44 pips (0.6%) since the previous day. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 38th for the day in terms of price change. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 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 17 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 day