(Last Updated September 16, 2020 23:16 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. 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
EURNZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURNZD is down 61 pips (0.34%) since the previous day (opening today near 1.76417), marking the 2nd straight day a decline has happened. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 36th for the day in terms of price change. Let’s take a look at price chart of EURNZD.
EURNZD Technical Analysis
Notably, EURNZD crossed below its 50 and 100 day moving averages yesterday. Volatility for EURNZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 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 17 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.42, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I will continue to monitor price at these key levels, and ensure price action follows through….Watch the chart and ensure using price action, or your strategy as well….This is just a set you in my own trading plan, please ensure you observe price action, and watch the price itself for your own strategy too :).