EUR/NZD Up 12 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 22, 2022 1:41 GMT)

At the moment, EURNZD’s rate is up 12 pips (0.07%) from the hour prior. EURNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)

The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.6787, up 6 pips (0.04%) since the day prior. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, 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 100 day average, which is 116.9 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days EURNZD’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 4 buy signals on our radar and 0 sell 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.

We are currently in wave C of the corrective rally. Wave C is expected to complete in the 50%-61,8% fibonnacci range. There are 2 ways for the buy in this range.1) Pending order without confirmation with higher risk acceptance.2) Wait for the formation of an upward impulse rally in a lower timeframe, such as M30/M15, and then proceed to buy.Join my premium group for signals and analyses!Thanks and I wish you a good trading day!