(Last Updated September 4, 2020 9:51 GMT)
Currently, EURNZD’s rate is down -20 pips (-0.11%) from the hour prior. EURNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being 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 down 119 pips (0.68%) since the day prior (opening today near 1.75037), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, EURNZD ranked 39th the day prior in terms of percentage price change. Here is a price chart of EURNZD.
EURNZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EURNZD crossed below its 200 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 200 day average, which is 23.2 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EURNZD’s price has gone down 9 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 10 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.91, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
after the move down price break out of the descending channel and want to make way up to retest 1.8000 level which serve as my target