NZD/USD Up 3 Pips On Hourly Chart, Moves Down For the 7th Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 2, 2022 1:42 GMT)

At the moment, NZDUSD’s rate is up 3 pips (0.04%) from the hour prior. NZDUSD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists 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 downtrend 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)

NZDUSD is down 35 pips (0.55%) since yesterday (opening today near 0.64556), marking the 7th consecutive day a decline has happened. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

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 288.7 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 22 out of the past 30 days.