(Last Updated November 24, 2022 1:44 GMT)
At the moment, NZDUSD’s rate is up 7 pips (0.11%) from the hour prior. NZDUSD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 96 pips (1.56%) since yesterday (opening today near 0.6237), marking the 2nd day in a row an upward move has occurred. On a relative basis, yesterday was pretty good: NZDUSD bested all 39 of the assets in the Forex class 🙂 Let’s take a look at price chart of NZDUSD.
NZDUSD Technical Analysis
The first thing we should note is that the current price of NZDUSD is sitting close to its 200 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 200 day average, which is 65.5 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days.