EURNZD Up 9 Pips On Hourly Chart, Price Base in Formation Over Past 14 and 30 Days; is Inching Close to 20 and 200 Day Averages

Hourly Update

(Last Updated July 14, 2021 0:18 GMT)

Currently, EURNZD’s rate is up 9 pips (0.05%) 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. 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 1.69779, up 12 pips 0.07% from yesterday. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 12th for the day in terms of price change. Here is a 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 1.6952, 1.6891, 1.6806 and 1.699 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 200 day average, which is 12.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 16 out of the past 30 days.