(Last Updated February 16, 2021 23:22 GMT)
At the moment, NZDUSD’s rate is up 0 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 pin bar candlestick pattern on NZDUSD. Given that we see downtrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZDUSD entered today at 0.72353, up 20 pips (0.27%) from the previous day. Relative to other instruments in the Forex asset class, NZDUSD ranked 12th the previous day in terms of percentage price change. Let’s take a look at price chart of NZDUSD.
NZDUSD Technical Analysis
The first thing we should note is that the current price of NZDUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 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 up 18 out of the past 30 days.