(Last Updated September 9, 2020 15:16 GMT)
At the time of this writing, EURNZD’s rate is down -8 pips (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNZD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
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 1.76487, up 38 pips 0.22% from yesterday. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 12th for the day in terms of price change. Here is a price chart of EURNZD.
EURNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURNZD crossed above its 50 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 50 day average, which is 6.8 pips away. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 22 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I WONT TOOK ALL THE TRADE PLAN SHARED HERE……I wont give a entry, stop loss and take profit in my chart…it is only for EDUCATIONAL PURPOSE and i am sharing how i am analyzing the pair and labeling them according to the Elliott wave theory…I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON’T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy…DON’T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP….Each and every trade plan i am sharing here has a alternate view and i am sharing only the most probabilities(70-80%) here…sometimes the other (20-30%) may market do..then i will change the wave counts and labeling according to the price action.