EUR/NZD Up 10 Pips Over Past Hour, Moves Down For the 4th Straight Day; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated December 27, 2021 1:38 GMT)

At the moment, EURNZD’s rate is up 10 pips (0.06%) from the hour prior. This is the 3rd hour in a row EURNZD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURNZD. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

EURNZD is down 3 pips (0.02%) since the previous day (opening today near 1.6594), marking the 4th straight day a decrease has occurred. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that 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 100 day average, which is 26.9 pips away. Volatility for EURNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hey There!It looks like the price has found support. I will be looking for signs of bullish behavior (patterns etc.)