EURNZD Down 2 Pips On Hourly Chart, 3 Day Down Streak Snapped; Breaks Above 20 Day Average

Hourly Update

(Last Updated October 6, 2020 15:16 GMT)

Currently, EURNZD’s rate is down -2 pips (-0.01%) from the hour prior. The hourly chart shows that EURNZD has seen 2 straight down hours. 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 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)

After 3 down days, EURNZD snaps its streak, rising 80 pips (0.46%) over the past day to close at an exchange rate of 1.772. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNZD crossed above its 20 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 20 day average, which is 26.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone down 17 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 13 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 1.62, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I WONT TOOK ALL THE TRADE PLAN SHARED HERE……I wont give a entry, stop loss and take profit in my chart…it is only for EDUCATIONAL PURPOSE and i am sharing how i am analyzing the pair and labeling them according to the Elliott wave theory…I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON’T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy…DON’T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP….Each and every trade plan i am sharing here has a alternate view and i am sharing only the most probabilities(70-80%) here…sometimes the other (20-30%) may market do..then i will change the wave counts and labeling according to the price action.