(Last Updated October 15, 2021 23:21 GMT)
At the moment, NZDUSD’s rate is down -2 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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 up 66 pips (0.95%) since the previous day (opening today near 0.70346), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZDUSD ranked 7th the previous day in terms of percentage price change. The price chart of NZDUSD below illustrates.
NZDUSD Technical Analysis
First things first: NZDUSD crossed above its 20, 50 and 100 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 15 out of the past 30 days.