NZD/USD Down 4 Pips in Last Hour, Outperforms All Forex; 2 Day Down Streak Snapped – CFDTrading

Hourly Update

(Last Updated July 15, 2021 2:8 GMT)

Currently, NZDUSD’s rate is down -4 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

The choppiness in the recent daily price action of NZDUSD continues; to start today, it came in at a price of 0.70385, up 95 pips (1.37%) since the previous day. NZDUSD outperformed all 39 assets in the Forex asset class the previous day. Congrats to its holders! Below is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

First things first: NZDUSD crossed above its 20 day moving average yesterday. 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 20 day average, which is 29 pips away. Volatility for NZDUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days NZDUSD’s price has gone down 16 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 30 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.

Leave a Reply

Your email address will not be published. Required fields are marked *