EURNZD Up 16 Pips in Last Hour, Breaks Above 50 Day Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated April 28, 2021 2:19 GMT)

At the time of this writing, EURNZD’s rate is up 16 pips (0.1%) from the hour prior. The hourly chart shows that EURNZD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNZD. Given that we see an uptrend on the 20 and 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 back and forth price flow continues for EURNZD, which started today off at 1.67788, up 73 pips 0.44% from yesterday. Relative to other instruments in the Forex asset class, EURNZD ranked 11th yesterday in terms of percentage price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

First things first: 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 20 day average, which is 21.1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone up 15 them.