EURNZD Down 19 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Eyes 20, 50 and 100 Day Averages

Hourly Update

(Last Updated May 3, 2021 2:19 GMT)

Currently, EURNZD’s rate is down -19 pips (-0.12%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURNZD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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. Of note is that the 200 hour changed directions on EURNZD; it is now pointing down. 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 51 pips (0.31%) since the day prior (opening today near 1.67808), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 9th for the day in terms of price change. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today EURNZD is now close to its 20, 50 and 100 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 12.7 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days.