EURNZD Down 1 Pips Over Past Hour, 3 Day Up Streak Ended; Nears 20 and 50 Day Moving Averages

Hourly Update

(Last Updated June 7, 2021 3:19 GMT)

At the time of this writing, EURNZD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. 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)

After 3 up days, EURNZD snaps its streak, falling 87 pips (-0.51%) over the past day to close at an exchange rate of 1.68787. Relative to other instruments in the Forex asset class, EURNZD ranked 33rd the day prior in terms of percentage price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Notably, the current price of EURNZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.