EURNZD Up 12 Pips On Hourly Chart, is Inching Close to 20 and 50 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated October 13, 2020 2:17 GMT)

At the time of this writing, EURNZD’s rate is up 12 pips (0.07%) from the hour prior. The hourly chart shows that EURNZD has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being above it. 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 1.7769, up 36 pips (0.2%) since the previous day. Relative to other instruments in the Forex asset class, EURNZD ranked 10th the previous day in terms of percentage price change. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7712, 1.779, 1.7628 and 1.7644 respectively, and thus may be at a key juncture along those timeframes. 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 20.5 pips away. It should be noted, though, the 20 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 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 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. Also, candlestick traders! Note we see doji pattern appearing here as well.