EURNZD Down 4 Pips in Last Hour, 2 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 8, 2021 3:19 GMT)

At the time of this writing, EURNZD’s rate is down -4 pips (-0.02%) 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. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNZD. Given that we see downtrend on the 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.

EURNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EURNZD, which started today off at 1.69, up 5 pips 0.03% from the day prior. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 24th in terms of percentage change since the day prior. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that the current price of EURNZD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.