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NZD/USD Fares the Worst Out of Forex, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

NZD/USD Price Recap

0.63853 (USD) was the opening price of the day for NZD/USD, resulting in yesterday being a day in which price moved down 50 pips 0.78% from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 49.35% from the day prior, but down 9.76% from the same day the week before. Those trading within the Forex asset class should know that NZD/USD was the worst performer in the class. Or, to put it another way…

via GIPHY

Anyway, without further ado, here is a price chart of NZD/USD.

NZD/USD Technical Analysis

The first thing we should note is that the current price of NZD/USD is sitting close to its 20, 100 and 200 day Moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 88.3 pips away. Volatility for NZD/USD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 10 days NZD/USD’s price has gone down 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on Nzdusd, with 18 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.38, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and divergence technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

On 4Hr NZDUSD Chart analysis, price has upper trend-line on decline and trading potentially in decline channel….Plenty of trading opportunities (with the trend or counter-trend) are available by trading the available setups….Thank you and happy trading.

The post NZD/USD Fares the Worst Out of Forex, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days appeared first on CFDTrading.



This post first appeared on Complete CFD Trading Guide, News And Analysis, please read the originial post: here

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NZD/USD Fares the Worst Out of Forex, 2 Day Up Streak Snapped; in a Downtrend Over Past 30 Days

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