NZDUSD Down 2 Pips in Last Hour, Moves Down For the 3rd Consecutive Day; Breaks Below 100 Day Average

Hourly Update

(Last Updated November 12, 2021 5:21 GMT)

At the moment, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 down 44 pips (0.63%) since yesterday (opening today near 0.70196), marking the 3rd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, NZDUSD ranked 38th yesterday in terms of percentage price change. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed below its 100 day moving average yesterday. 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 100 day average, which is 7.5 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days.