(Last Updated September 15, 2020 23:18 GMT)
At the moment, NZDUSD’s rate is down 0 pips (0%) 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. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 0.66633, up 14 pips (0.21%) 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. The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
The first thing we should note is that NZDUSD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 5 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDUSD, with 7 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.39, which is bearish. As for the rationale, technical traders seem to be citing the appearance of elliott wave, harmonic and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
NZDUSD potential breakout on a rising wedge.Wait for the price to breakout before entering, if no breakout, no entry.Share your thoughts in the comment section below.Like and follow for more contentGood Luck!!!