EURNZD Up 2 Pips in Last Hour; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated October 12, 2021 0:18 GMT)

At the time of this writing, EURNZD’s rate is up 2 pips (0.01%) 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 pin bar candlestick pattern on EURNZD. Given that we see downtrend 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 entered today at 1.66927, up 25 pips (0.15%) from the day prior. Relative to other instruments in the Forex asset class, EURNZD ranked 10th the day prior in terms of percentage price change. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that the current price of EURNZD is sitting close to its 20, 50, 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 20 day average, which is 2.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EURNZD’s price has gone down 8 them.