EURNZD Down 10 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Nears 100 Day Moving Average

Hourly Update

(Last Updated March 26, 2021 1:19 GMT)

At the moment, EURNZD’s rate is down -10 pips (-0.06%) from the hour prior. EURNZD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURNZD. Given that we see downtrend on the 20 and 10 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 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 15 pips (0.09%) since the day prior (opening today near 1.69539), marking the 5th straight day an upward move has occurred. Relative to other instruments in the Forex asset class, EURNZD ranked 10th the day prior in terms of percentage price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Coming into today EURNZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days.