EURNZD Up 15 Pips On Hourly Chart, 2 Day Up Streak Ended; Breaks Below 100 Day Average

Hourly Update

(Last Updated September 10, 2020 16:16 GMT)

Currently, EURNZD’s rate is up 15 pips (0.08%) 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. Regarding the trend, note that the strongest trend 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)

The choppiness in the recent daily price action of EURNZD continues; to start today, it came in at a price of 1.76567, down 126 pips (0.71%) since the previous day. Out of the 40 instruments in the Forex asset class, EURNZD ended up ranking 31st for the day in terms of price change. Below is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD crossed below its 100 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 50 day average, which is 1.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 16 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Fibo .786 + Head and Shoulders in H4 + RSI Hidden Divergence + TrendLine


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