EURNZD Up 10 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated June 3, 2021 4:20 GMT)

At the time of this writing, EURNZD’s rate is up 10 pips (0.06%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 up 34 pips (0.2%) since yesterday (opening today near 1.68807), marking the 2nd consecutive day an upward move has occurred. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 49 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We are now approaching to our 1h OB (order block) where we are anticipating a reversal pattern. If the market respects the 1h OB then we are short up to the next previous structure low.