Price action traders may also wish to note that we see a pin bar candlestick pattern on nzdusd.
It’s been a feast for bears operating on an hourly timeframe, as nzdusd has now gone down 4 of the past 5 hours.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Relative to other instruments in the forex asset class, nzdusd ranked 12th the day prior in terms of percentage price change.
This is the 2nd consecutive hour nzdusd has seen its price head up.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Relative to other instruments in the forex asset class, nzdusd ranked 10th the day prior in terms of percentage price change.
The closest is the 20 day average, which is 1.7 pips away.
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.