(Last Updated April 7, 2021 3:19 GMT)
At the moment, EURNZD’s rate is up 7 pips (0.04%) 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 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 entered today at 1.68186, up 98 pips (0.59%) from the previous day. Relative to other instruments in the Forex asset class, EURNZD ranked 4th the previous day in terms of percentage price change. Let’s take a look at price chart of EURNZD.
EURNZD Technical Analysis
Notably, EURNZD is now close to its 20, 50 and 100 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 100 day average, which is 63.8 pips away. It should be noted, though, the 50 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 15 out of the past 30 days. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 90 and 30 day