(Last Updated October 6, 2021 10:18 GMT)
At the moment, EURNZD’s rate is up 9 pips (0.05%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 20 pips (0.12%) since the previous day (opening today near 1.66698), marking the 4th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, EURNZD ended up ranking 32nd for the day in terms of price change. Below is a price chart of 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 17.1 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days EURNZD’s price has gone up 7 them. Also, candlestick traders! Note we see doji pattern appearing here as well.