NZDUSD Down 14 Pips in Last Hour, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 4, 2021 2:22 GMT)

At the time of this writing, NZDUSD’s rate is down -14 pips (-0.19%) 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 100 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 0.71872, down 12 pips (0.16%) from the previous day. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 28th in terms of percentage change since the previous day. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Coming into today NZDUSD is now close to its 20 day averages, located at 0.7095 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 6 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. Here’s a piece we found on fxempire.com; below is a short snippet from it to give you a taste.

In 2021, the Aussie and Kiwi are most likely to be supported by a number of factors but most hinge on control of the coronavirus.