(Last Updated November 23, 2022 2:23 GMT)
At the moment, EURNZD’s rate is down -6 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 back and forth price flow continues for EURNZD, which started today off at 1.6735, down 52 pips 0.31% from the previous day. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 29th in terms of percentage change since the previous day. The price chart of EURNZD below illustrates.
EURNZD Technical Analysis
Notably, EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.6922, 1.7058, 1.6671 and 1.6514 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 100 day average, which is 63.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for EURNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone down 18 them.