EUR/NZD Down 17 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated November 2, 2022 1:40 GMT)

At the time of this writing, EURNZD’s rate is down -17 pips (-0.1%) from the hour prior. EURNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 down 94 pips (0.55%) since yesterday (opening today near 1.6906), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 36th for the day in terms of price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Coming into today EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7264, 1.6902, 1.6648 and 1.6531 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 8 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Could be at the end of an ABC Zig Zag wave pattern. Getting some bullish candles in with bears still fighting for position. We are looking for price to reach 38% or 50% or even 100% of the recent high.