(Last Updated September 11, 2020 16:17 GMT)
Currently, NZDUSD’s rate is down -3 pips (-0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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 50 hour moving average, resulting in them so that price is now turning below 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 0.66831, up 65 pips (0.99%) from yesterday. Out of the 40 instruments in the Forex asset class, NZDUSD ended up ranking 4th for the day in terms of price change. Let’s take a look at price chart of NZDUSD.
NZDUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed above its 20 day moving average yesterday. 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. For additional context, note that price has gone up 15 out of the past 30 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDUSD, with 16 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 1.07, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
A beautiful touch at 4H resistanceAnd a RSI divergence on 1H time frameWill be looking this pair👀Possible short opportunityplease like if you find it useful 😊