(Last Updated October 13, 2020 2:20 GMT)
At the time of this writing, NZDUSD’s rate is down -12 pips (-0.18%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDUSD has now gone down 12 of the past 14 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning below 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)
The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.66461, down 21 pips (0.31%) since yesterday. Compared to its peers in the Forex, NZDUSD gave its buyers a return that ranked 30th in terms of percentage change since yesterday. Let’s take a look at price chart of NZDUSD.
NZDUSD Technical Analysis
Notably, the current price of NZDUSD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 16.2 pips away. It should be noted, though, the 20 and 200 day simple moving averages turned downwards, which may be a bearish sign. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone up 16 them.