EUR/NZD Down 6 Pips On Hourly Chart; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 16, 2022 1:40 GMT)

At the moment, EURNZD’s rate is down -6 pips (-0.04%) from the hour prior. EURNZD has seen its price go up 9 out of the past 10 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 1.6751, up 128 pips (0.77%) since the previous day. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 5th for the day in terms of price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today EURNZD is now close to its 20, 100 and 200 day averages, located at 1.6351, 1.6435 and 1.6453 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 200 day average, which is 298.1 pips away. It should be noted, though, the 200 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 30 days EURNZD’s price has gone up 17 them.