EUR/NZD Up 5 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated September 24, 2021 1:48 GMT)

At the moment, 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 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

EURNZD is down 118 pips (0.7%) since yesterday (opening today near 1.66077), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 35th for the day in terms of price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

First things first: EURNZD crossed below its 20 day moving average 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 20 day average, which is 72.1 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. 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. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 6 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Buy: EUR / NZDBuy limit: 1.65530SL @ 1.65000TP @ 1.66800Max Risk: 2%(When calculating, do not forget about different spreads from Brokers)Leave comments or likes to keep our content free and alive.Have a good week to everyone