NZDUSD Up 4 Pips Over Past Hour; is Inching Close to 20 Day Average

Hourly Update

(Last Updated September 14, 2020 23:17 GMT)

At the moment, NZDUSD’s rate is up 4 pips (0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being above it. 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 0.66633, up 14 pips (0.21%) from yesterday. Relative to other instruments in the Forex asset class, NZDUSD ranked 12th yesterday in terms of percentage price change. The price chart of NZDUSD below illustrates.

NZDUSD

NZDUSD Technical Analysis

Notably, 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. Or to simplify this another way, note that out of the past 14 days NZDUSD’s price has gone up 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 11 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.61, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram