EURNZD Up 2 Pips On Hourly Chart, Came Into Today Down For the 2nd Consecutive Day; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated July 23, 2021 2:19 GMT)

At the moment, EURNZD’s rate is up 2 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend 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)

EURNZD is down 75 pips (0.45%) since the previous day (opening today near 1.6862), marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, EURNZD ranked 35th the previous day in terms of percentage price change. Below 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 and 50 day moving averages 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 100 day average, which is 28.6 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 8 out of the past 14 days.