EURNZD Up 2 Pips Over Past Hour, Crosses 20 Day Moving Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 8, 2021 10:18 GMT)

Currently, EURNZD’s rate is up 2 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNZD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 10 and 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 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 1.66673, down 38 pips (0.23%) since the previous day. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 34th for the day in terms of price change. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNZD crossed below its 20 day moving average 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 23.9 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone down 17 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 4 buy signals on our radar and 2 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.

this pair been making the same move so easy call if you like my analysis i have a telegram group free