(Last Updated September 8, 2020 15:15 GMT)
Currently, EURNZD’s rate is down -4 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 20 and 10 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 20, 50, 100 and 200 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 entered today at 1.76107, down 44 pips (0.25%) from the previous day. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 32nd for the day in terms of price change. Here is a price chart of EURNZD.
EURNZD Technical Analysis
Notably, EURNZD crossed below its 50 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 50 day average, which is 28.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 9 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 20 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of moving average and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EURNZD has now broken this trendline / neckline to the head and shoulders, coming into a key level of resistance where I will be securing profits, holding portions and seeing what happens next!