EURNZD Up 5 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated January 12, 2021 2:19 GMT)

At the moment, EURNZD’s rate is up 5 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 100 hour changed directions on EURNZD; it is now pointing up. 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)

The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.6962, up 87 pips (0.52%) since the day prior. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 11th for the day in terms of price change. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that EURNZD is now close to its 20 and 50 day averages, located at 1.7081 and 1.716 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. For additional context, note that price has gone up 15 out of the past 30 days.