EUR/NZD Up 22 Pips Over Past Hour, Came Into Today Up For the 2nd Straight Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated May 9, 2022 1:39 GMT)

Currently, EURNZD’s rate is up 22 pips (0.13%) from the hour prior. EURNZD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 and 5 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 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 42 pips (0.26%) since yesterday (opening today near 1.64485), marking the 2nd straight day it has gone up. Relative to other instruments in the Forex asset class, EURNZD ranked 11th yesterday in terms of percentage price change. Here 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. 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 2.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone up 7 them.

The View From Around the Web

Not much commentary on EURNZD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD has reached a psychological level.We¬†usually see some pullbacks or at least a sideways move at those types of strong levels.The price is probably going to test the support¬†levels and we might see some price relief.——————-Share your opinion in the comments and support the idea with like. Thanks for your support!