EURNZD Up 57 Pips in Last Hour, Moves Up For the 3rd Consecutive Day; Nears 50 Day Moving Average

Hourly Update

(Last Updated October 8, 2020 2:18 GMT)

Currently, EURNZD’s rate is up 57 pips (0.32%) from the hour prior. EURNZD has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 is up 58 pips (0.33%) since yesterday (opening today near 1.78611), marking the 3rd consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 15th for the day in terms of price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 74.3 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 6 out of the past 10 days.