NZDUSD Up 12 Pips Over Past Hour, Fares the Worst Out of Forex; Breaks Below 20 and 100 Day Averages – CFDTrading

Hourly Update

(Last Updated May 20, 2021 2:23 GMT)

At the time of this writing, NZDUSD’s rate is up 12 pips (0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 0.71619, down 83 pips (1.14%) from yesterday. It may be worth observing that NZDUSD was the worst performer of the 39 members in the Forex asset class over the past day. Here is a price chart of NZDUSD.

NZDUSD

NZDUSD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDUSD crossed below its 20 and 100 day moving averages 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 17.7 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned downwards, which may be a bearish 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. Or to simplify this another way, note that out of the past 10 days NZDUSD’s price has gone up 5 them. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 30 day

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