NZD/USD Up 60 Pips in Last 4 Hours, 6 Day Down Streak Broken; in a Downtrend Over Past 14 Days

NZD/USD 4 Hour Price Update

Updated March 24, 2020 03:16 AM GMT (11:16 PM EST)

NZD/USD is up 60 pips (1.06%) since the last 4 hour candle (opening the current 4 hour candle near 0.5741), marking the 3rd candle in a row it has gone up. Out of the 36 instruments in the Forex asset class, NZD/USD ended up ranking 4th for the four-hour candle in terms of price change.

NZD/USD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

NZD/USD, which opened today’s post-New York session priced near 0.57087, is up 46 pips 0.81% since the close of the previous day’s New York session, marking a reversal from the day prior — and the end of a 6 day negative run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 16.05% from the day prior, but up 117.18% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/USD ranked 13th the close of the previous day’s New York session in terms of percentage price change. Here is a price chart of NZD/USD.

NZD/USD Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days NZD/USD’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDUSD, with 8 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a gartley technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Traditional gartley setup. AB=CD+0.786XA+1.13AB+1.13BC. Confluence of these levels is believed to become a great support. Let’s see how it goes if completed:)