NZDUSD Up 7 Pips in Last Hour; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 5, 2021 23:28 GMT)

At the moment, NZDUSD’s rate is up 7 pips (0.09%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 and 10 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 choppiness in price, as the 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)

The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.71706, up 46 pips (0.64%) since yesterday. Out of the 39 instruments in the Forex asset class, NZDUSD ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Notably, NZDUSD is now close to its 20, 50, 100 and 200 day averages, located at 0.7094, 0.7056, 0.7022 and 0.7101 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 200 day average, which is 69.8 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. Volatility for NZDUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZDUSD’s price has gone up 9 them.