(Last Updated April 30, 2021 4:19 GMT)
At the time of this writing, EURNZD’s rate is down -1 pips (-0.01%) 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. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 10 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)
The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.67295, up 33 pips (0.2%) since the day prior. Relative to other instruments in the Forex asset class, EURNZD ranked 14th the day prior in terms of percentage price change. The price chart of EURNZD below illustrates.
EURNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURNZD crossed above its 50 day moving average yesterday. 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 50 day average, which is 15.3 pips away. For additional context, note that price has gone down 7 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURNZD, with 10 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone, moving average and supply zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello everyone, if you like the idea, do not forget to support with a like and follow.The following confluences have been observed and satisfied with the direction of market. Our trading plan is to bid at better price and hoping the market pick up our bid and move further with trend.The bidding plan should come with expiry date.D1/M55 (T.Cont.PB.AClim.VPOC)1. (D1)(Y)(MUST) AutoClimate has statistic edge for moving down (Curr:2 / Std:5.42)2. (M55)(Y)(MUST) Has valid UFO area with strong engulfing candle with very small wick3. (M55)(Y)(MUST) VPOC inside UFO area4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside slightly near VPOC area6. (M55)(Y)(MUST) Stoch (14,3,3) above 50D1/M55EURNZD SELL @ 1.67465SL 1.67768 (30.3)TP 1.66555 (91.0)EXP 2021.05.06 00:05 UTC+3CANCEL WHEN D1 AUTOCLIMATE RESET COUNTINGTrading plan become invalid if one of below condition appear1. The price goes further down, causing the EMA200 & EMA9-daily has exceeded too wide with VPOC.2. Another potential VPOC has appeared and align with EMA200 & EMA9-daily3. Autoclimate at D1/W1 has reset countingDisclaimer Notice !!!The plan that shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With R/R 1:3 and 30-40% winning rate and good money management, we can be consistent profit in the long run. Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP