EURNZD Down 22 Pips Over Past Hour, Moves Up For the 4th Straight Day; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated October 9, 2020 2:18 GMT)

At the moment, EURNZD’s rate is down -22 pips (-0.12%) from the hour prior. The hourly chart shows that EURNZD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

EURNZD is up 3 pips (0.02%) since the previous day (opening today near 1.7864), marking the 4th straight day an upward move has occurred. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 18th in terms of percentage change since the previous day. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 73.6 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.