(Last Updated October 6, 2020 15:18 GMT)
Currently, NZDUSD’s rate is down -5 pips (-0.08%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists 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)
The back and forth price flow continues for NZDUSD, which started today off at 0.66411, up 9 pips 0.13% from the previous day. Relative to other instruments in the Forex asset class, NZDUSD ranked 23rd the previous day in terms of percentage price change. Here is a price chart of NZDUSD.
NZDUSD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed above its 50 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. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 19 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDUSD, with 8 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
➕NZD/USD Setup / Analysis🕐 2 hr’s Chart /📋 Educational —————**-🗒 Just browsing through my analysis means a lot to me….➡️ Please follow the analysis very carefully and every detail of the chart means a lot….And always entry depends on many reasons carefully studiedAlways enter into deals when there are more than 5 reasons combined➕ Key Technical / Reason’s long ———————————Entry Reversal —— 0.66400 Area Day low + Week low Break Volume Poc Break Up Channel Break Trend line Break———————-Target Reversal —— 0.6800 Area Major Turn level Poc Area Counter Trend line Golden Zone