EURNZD Down 6 Pips in Last Hour, 3 Day Up Streak Ended; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated June 7, 2021 17:20 GMT)

At the time of this writing, EURNZD’s rate is down -6 pips (-0.04%) from the hour prior. EURNZD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNZD. Given that we see downtrend 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 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, which opened today priced near 1.68787, is down 87 pips 0.51% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 33rd in terms of percentage change since yesterday. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.6855, 1.6808, 1.6767 and 1.7086 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 20 day average, which is 23.9 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 18 out of the past 30 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 30 day