EURNZD Down 8 Pips On Hourly Chart; Crosses 50 Day Moving Average

Hourly Update

(Last Updated April 23, 2021 2:19 GMT)

At the time of this writing, EURNZD’s rate is down -8 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNZD. Given that we see an uptrend 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)

The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.67952, up 90 pips (0.54%) since the previous day. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 3rd for the day in terms of price change. The price chart of EURNZD below illustrates.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD crossed above its 50 day moving average yesterday. 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 14.5 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. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone up 15 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.