EURNZD Down 2 Pips On Hourly Chart, Nears 20 and 50 Day Moving Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 14, 2020 23:16 GMT)

Currently, EURNZD’s rate is down -2 pips (-0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNZD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, 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)

EURNZD is up 5 pips (0.03%) since the day prior (opening today near 1.77607), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today 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. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 22 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 2.44, 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.

EURNZD has finished a correction wave – potentional target is at 100% fib level, which is strong area where I will wait for the reaction.. After breakout is potential target at 161.8% fib level.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram