EUR/NZD Down 1 Pips Over Past Hour, Entered Today Up For the 3rd Straight Day; Breaks Above 100 and 200 Day Averages

Hourly Update

(Last Updated May 10, 2022 1:40 GMT)

Currently, EURNZD’s rate is down 1 pips (0%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNZD has now gone up 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNZD. 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 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)

EURNZD is up 258 pips (1.57%) since the previous day (opening today near 1.6706), marking the 3rd straight day it has gone up. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD crossed above its 100 and 200 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 200 day average, which is 193.9 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 19 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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