NZD/USD Up 6 Pips in Last Hour, 8 Day Up Streak Snapped; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 13, 2020 1:32 GMT)

Currently, NZDUSD’s rate is up 0.0006 (0.09%) 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 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 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)

A moment of silence, please, for the end of NZDUSD’s 8 day up streak; price ended the day prior down 44 pips (-0.64%) to finish the day at a rate of 0.68375. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 28th in terms of percentage change since the day prior. Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today the current price of NZDUSD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 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 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 3 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.27, 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; below is a short snippet from it to give you a taste.

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