(Last Updated June 2, 2021 2:19 GMT)
Currently, EURNZD’s rate is down -7 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. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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)
The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.68469, up 40 pips (0.24%) since the day prior. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 5th in terms of percentage change since the day prior. Here is a price chart of EURNZD.
EURNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURNZD crossed above its 20 and 50 day moving averages 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 27.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 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 up 17 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Based on the chart, a big falling movement have finished(maybe at least for a while) and now the chart shows a good supply zone to us which restricted the price go down more than this. The weakness on sellers and increasing the buy demands, leads me to be buyer at this area with a good risk reward ratio (1:2 for the first take profit area and 1:5 for the second).Note: As always please take risk management rules into consideration before opening any position on the market.Good Luck!