EUR/NZD Up 15 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2022 1:39 GMT)

At the moment, EURNZD’s rate is up 15 pips (0.09%) from the hour prior. This is the 2nd straight hour EURNZD has seen its price head up. Regarding the trend, note that the strongest trend 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 an uptrend on the 20 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)

EURNZD is up 69 pips (0.42%) since the previous day (opening today near 1.6468), marking the 2nd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 17th for the day in terms of price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNZD crossed above its 100 and 200 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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 16 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a triple top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EurNzd is getting rejected from level 1.64540 and its forming triple top so we will enter sell trade