NZDUSD Down 3 Pips in Last Hour, Price Base in Formation Over Past 90 Days; Nears 20 Day Moving Average

Hourly Update

(Last Updated April 7, 2021 3:22 GMT)

Currently, NZDUSD’s rate is down -3 pips (-0.04%) from the hour prior. This is the 2nd straight hour NZDUSD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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 0.70591, down 7 pips (0.1%) from the day prior. Relative to other instruments in the Forex asset class, NZDUSD ranked 18th the day prior in terms of percentage price change. Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today the current price of NZDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 27.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.