EUR/NZD Up 5 Pips in Last Hour, Crosses 20, 50 and 200 Day Moving Averages; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated July 20, 2021 2:11 GMT)

At the time of this writing, EURNZD’s rate is up 5 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as EURNZD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.70033, up 147 pips (0.87%) since yesterday. Compared to its peers in the Forex, EURNZD gave its buyers a return that ranked 6th in terms of percentage change since yesterday. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

First things first: EURNZD crossed above its 20, 50 and 200 day moving averages 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 35 pips away. 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 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURNZD’s price has gone up 15 them.