EURNZD Down 10 Pips On Hourly Chart, Outperforms All Forex; Price Base in Formation Over Past 14 Days

Hourly Update

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

Currently, EURNZD’s rate is down -10 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

EURNZD is up 115 pips (0.68%) since the day prior (opening today near 1.69331), marking the 2nd day in a row an increase has occurred. EURNZD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD crossed above its 100 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 100 day average, which is 53 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. 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.