EURNZD Up 7 Pips in Last Hour, Came Into Today Down For the 4th Day In A Row; is Inching Close to 200 Day Average

Hourly Update

(Last Updated September 18, 2020 23:16 GMT)

Currently, EURNZD’s rate is up 7 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on EURNZD; it is now pointing up. 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 13 pips (0.07%) since the previous day (opening today near 1.75367), marking the 4th day in a row a decline has happened. Relative to other instruments in the Forex asset class, EURNZD ranked 27th the previous day in terms of percentage price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today the current price of EURNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for EURNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone down 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 20 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Evening Traders, Second analysis – EURNZD- holding Daily S/R with bullish price action, local S/R retest probable, Point to consider,- Impulse sell – Daily S/R (support)- Oscillators diverging (Resistance)- Volume influx EURNZD has had an impulse sell into key Daily S/R that is currently holding support….A volume influx is probable at this HTF support, this will be indicative of price expansion deviating from Daily S/R….Price action is to be used upon discretion/ management of trade.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram