(Last Updated July 15, 2021 1:18 GMT)
Currently, EURNZD’s rate is up 4 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 back and forth price flow continues for EURNZD, which started today off at 1.69548, down 23 pips 0.14% from yesterday. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 20th for the day in terms of price change. Here is a price chart of 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. 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 20 day average, which is 6.6 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone up 15 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURNZD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The previous movement of the market has been interesting as of yesterday it grabs liquidity that causes a bearish engulfing after a big bullish candle. Which means sellers kicks in and push the market towards the downside. Now for our potential entry we are entering short after a retest of the broken structure.