EURNZD Up 6 Pips in Last Hour, is Inching Close to 20, 100 and 200 Day Averages; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 24, 2020 0:16 GMT)

At the time of this writing, EURNZD’s rate is up 6 pips (0.03%) from the hour prior. This is the 2nd consecutive hour EURNZD has seen its price head up. 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 entered today at 1.76276, down 23 pips (0.13%) from the day prior. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 22nd for the day in terms of price change. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, 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 21.2 pips away. 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 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone down 17 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 5 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD has finished 3rd wave at strong resistance area. I am looking for sell opportunities with targets by fib extension.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram