EURNZD Down 4 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated June 10, 2021 7:19 GMT)

At the moment, EURNZD’s rate is down -4 pips (-0.02%) from the hour prior. EURNZD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 5 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 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 56 pips (0.33%) since the previous day (opening today near 1.69785), marking the 2nd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, EURNZD ranked 3rd the previous day in terms of percentage price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that the current price of EURNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 95.7 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish 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 10 days EURNZD’s price has gone up 6 them.