EUR/NZD Down 5 Pips in Last Hour; Came Into Today Up For the 4th Straight Day

Hourly Update

(Last Updated May 11, 2022 1:44 GMT)

At the moment, EURNZD’s rate is down -5 pips (-0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNZD. Given that we see an uptrend on the 20 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 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)

EURNZD is up 35 pips (0.21%) since the previous day (opening today near 1.67409), marking the 4th straight day an increase has occurred. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 7th in terms of percentage change since the previous day. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Notably, the current price of EURNZD is sitting close to its 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 200 day average, which is 229.3 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone up 8 them.