NZDUSD Up 1 Pips On Hourly Chart, Outperforms All Forex; Crosses 100 Day Moving Average – CFDTrading

Hourly Update

(Last Updated May 7, 2021 23:23 GMT)

At the moment, NZDUSD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd straight hour NZDUSD has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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)

NZDUSD entered today at 0.7217, up 56 pips (0.78%) from the day prior. NZDUSD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! Let’s take a look at price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed above its 100 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 100 day average, which is 49.2 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 up over that time. For additional context, note that price has gone up 7 out of the past 14 days.

Leave a Reply

Your email address will not be published.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