EURNZD Up 9 Pips Over Past Hour, 3 Day Down Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated January 6, 2021 2:19 GMT)

At the moment, EURNZD’s rate is up 9 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURNZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 down days, EURNZD snaps its streak, rising 61 pips (0.36%) over the past day to close at an exchange rate of 1.7055. Relative to other instruments in the Forex asset class, EURNZD ranked 6th the previous day in terms of percentage price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today the current price of EURNZD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone up 5 them.