(Last Updated September 11, 2020 16:15 GMT)
At the moment, EURNZD’s rate is down -7 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNZD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
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 1.76567, down 126 pips 0.71% from the day prior. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 31st in terms of percentage change since the day prior. The price chart of EURNZD below illustrates.
EURNZD Technical Analysis
First things first: EURNZD crossed below its 100 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 50 day average, which is 1.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURNZD, with 11 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and divergence technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Divergence on the hourly TimeFrame with a break in Higher highs and lows which has broken its uptrend and showed a weakness in that Bullish momentum….These are 2 very strong conformations that show the possibility of the pair continuing to fall to a lower level….But i would appreciate your thoughts and ideas on the future for this pair, Drop the below