EURNZD Up 21 Pips On Hourly Chart, 2 Day Up Streak Ended; Breaks Below 100 Day Average

Hourly Update

(Last Updated April 9, 2021 3:19 GMT)

At the moment, EURNZD’s rate is up 21 pips (0.12%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning above them. 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 1.68725, down 61 pips (0.36%) since the day prior. Relative to other instruments in the Forex asset class, EURNZD ranked 27th the day prior in terms of percentage price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

First things first: EURNZD crossed below its 100 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 100 day average, which is 4.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 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. For additional context, note that price has gone up 15 out of the past 30 days.