EUR/NZD Up 26 Pips Over Past Hour, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 23, 2021 1:40 GMT)

Currently, EURNZD’s rate is up 26 pips (0.16%) from the hour prior. This is the 2nd straight hour EURNZD has seen its price head up. Regarding the trend, note that the strongest trend exists 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 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)

A moment of silence, please, for the end of EURNZD’s 3 day down streak; price ended the day prior up 63 pips (0.39%) to finish the day at a rate of 1.61656. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 11th in terms of percentage change since the day prior. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

The first thing we should note is that the current price of EURNZD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!