EURNZD Up 8 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated January 7, 2021 2:19 GMT)

At the time of this writing, EURNZD’s rate is up 8 pips (0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNZD is down 51 pips (0.3%) since the previous day (opening today near 1.68953), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, EURNZD ranked 33rd the previous day in terms of percentage price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Coming into today 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 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone down 7 them.