(Last Updated September 3, 2021 2:21 GMT)
Currently, NZDUSD’s rate is up 9 pips (0.12%) 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. 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. 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)
NZDUSD is up 44 pips (0.62%) since yesterday (opening today near 0.71087), marking the 3rd consecutive day an increase has occurred. On a relative basis, yesterday was pretty good: NZDUSD bested all 39 of the assets in the Forex class 🙂 The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed above its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 8 out of the past 10 days.