EUR/NZD Up 2 Pips Over Past Hour, is Inching Close to 20 and 100 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated December 29, 2021 1:44 GMT)

At the moment, EURNZD’s rate is up 2 pips (0.01%) from the hour prior. The hourly chart shows that EURNZD has seen 2 straight up hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 back and forth price flow continues for EURNZD, which started today off at 1.66235, down 0 pips 0% from the previous day. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 12th in terms of percentage change since the previous day. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that EURNZD is now close to its 20, 50, 100 and 200 day averages, located at 1.6659, 1.6411, 1.6564 and 1.6715 respectively, and thus may be at a key juncture along those timeframes. 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 35.1 pips away. 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. 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. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone down 6 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!