EUR/NZD Up 15 Pips Over Past Hour, 4 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 12, 2022 1:40 GMT)

At the moment, EURNZD’s rate is up 15 pips (0.09%) from the hour prior. This is the 2nd consecutive hour EURNZD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 100 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)

A moment of silence, please, for the end of EURNZD’s 4 day up streak; price ended yesterday down 27 pips (-0.16%) to finish the day at a rate of 1.67136. Relative to other instruments in the Forex asset class, EURNZD ranked 14th yesterday in terms of percentage price change. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today EURNZD is now close to its 100 and 200 day averages, located at 1.6452 and 1.6511 respectively, and thus may be at a key juncture along those timeframes. 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 202.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.