(Last Updated January 15, 2021 3:23 GMT)
At the moment, NZDUSD’s rate is down -5 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDUSD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 entered today at 0.72203, up 44 pips (0.62%) from the previous day. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 3rd for the day in terms of price change. Let’s take a look at price chart of NZDUSD.
NZDUSD Technical Analysis
Notably, the current price of NZDUSD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days.