EURNZD Down 4 Pips in Last Hour; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated June 1, 2021 2:19 GMT)

At the time of this writing, EURNZD’s rate is down -4 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Of note is that the 20 hour changed directions on EURNZD; it is now pointing up. 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 entered today at 1.68073, down 27 pips (0.16%) from the day prior. Relative to other instruments in the Forex asset class, EURNZD ranked 29th the day prior in terms of percentage price change. Let’s take a look at price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Notably, EURNZD crossed below its 20 and 50 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 50 day average, which is 3.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

3 Wave internal structure, Joint together to form a larger degree wave. With a possibility of a 5 wave to the upside. The 5 wave structure to the upside is categorically dismissed the internal structure of of the said wave when its a 3 wave and not a 5 Wave hence, giving a new structural to EURNZD.Currently biased towards a (3-3-3-3-3) Wave market structure.