EURNZD Down 1 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated September 15, 2020 23:16 GMT)

Currently, EURNZD’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNZD. Given that we see downtrend on the 20 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 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 5 pips (0.03%) since the day prior (opening today near 1.77607), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 20th for the day in terms of price change. Let’s take a look at price chart of EURNZD.


EURNZD Technical Analysis

Coming into today EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7828, 1.7676, 1.7671 and 1.7548 respectively, and thus may be at a key juncture along those timeframes. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 13 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.81, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

There is no major economic events in this week apart from daily auction prices📍 Positive vaccine news will boost the New Zealand dollar….In smaller timeframe the price is trading below the 50% Fibonacci and the major price action level📍 RSI is below 50 level and turned towards south….Expected weekly trading range will be from 1.78000 to 1.73000📍 After reaching the 1.82000 level which is August high price felled towards 1.74000 which is major psychological level too📍 Price action level is currently acting as the support for EURNZD.

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