EURNZD Up 21 Pips On Hourly Chart; Entered Today Down For the 3rd Consecutive Day

Hourly Update

(Last Updated January 4, 2021 2:19 GMT)

At the moment, EURNZD’s rate is up 21 pips (0.12%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on EURNZD; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURNZD is down 63 pips (0.37%) since the day prior (opening today near 1.69941), marking the 3rd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, EURNZD ranked 32nd the day prior in terms of percentage price change. Let’s take a look at 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 moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 5 out of the past 10 days.