NZD/USD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 14 Days
If the resistance at 0.6790 is broken, the short-term forecast -beginning of downtrend- will be invalid….
NZDUSD
(Last Updated September 21, 2020)
Welcome to the news page for NZDUSD (NZDUSD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On NZDUSD, there is currently an uptrend on the 90 and 30 day timeframes.
NZDUSD Moving Averages
Across several time periods between 20 and 200 days, the trend on NZDUSD has remained consistently bullish.
The chart below illustrates.
In terms of correlations over the past week for NZDUSD, it has been most correlated with NZDCAD. Over the past 14 days, however, the asset showing the strongest correlation to NZDUSD is EURNZD. Alternatively, the asset least correlated with NZDUSD over the past week has been USDNOK, but if we observe the prior two weeks, TRYJPY has been the asset least correlated with NZDUSD. See the chart below to observe the recent price action in NZDUSD versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the moment, NZDUSD’s rate is up 0.0086 (1.28%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. The weekly chart below shows NZDUSD’s price action over the past year.
NZDUSD Down 0 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Consecutive Day
Price action traders may also wish to note that we see a pin bar candlestick pattern on nzdusd.
NZDUSD Down 0 Pips On Hourly Chart, 5 Day Up Streak Ended; in an Uptrend Over Past 30 Days
Relative to other instruments in the forex asset class, nzdusd ranked 20th the day prior in terms of percentage price change.
NZDUSD Down 3 Pips Over Past Hour, Came Into Today Up For the 5th Consecutive Day; in an Uptrend Over Past 30 Days
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
NZDUSD Down 7 Pips in Last Hour; Came Into Today Up For the 3rd Consecutive Day
Looking at my chart you can watch the pair building this massive triangle-formation with the upper and lower boundary marked in blue, besides that the pair is forming a wave-count in which it completes the wave d now and sets up to form the final wave e which can finish the whole formation, what is also important here is that the pair bounced from the 60-ema in red and confirmed it as support, therefore these levels ending in a coherent support cluster marked in green in my chart….
NZDUSD Down 2 Pips Over Past Hour; Moves Up For the 3rd Day In A Row
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
NZDUSD Down 0 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Nears 20 Day Moving Average
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.
NZDUSD Up 4 Pips Over Past Hour; is Inching Close to 20 Day Average
This is a reversal of the price action on the previous hour, in which price moved down.
NZDUSD Down 3 Pips Over Past Hour, 2 Day Down Streak Ended; in an Uptrend Over Past 90 Days
This imputes a buy/sell ratio of 1.07, which is neutral.
NZDUSD Down 23 Pips in Last Hour, 2 Day Down Streak Snapped; Crosses 20 Day Moving Average
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.