EURNZD Down 3 Pips On Hourly Chart, Underperforms All Forex; Breaks Below 50 Day Average – CFD Trading

Hourly Update

(Last Updated May 7, 2021 23:19 GMT)

At the moment, EURNZD’s rate is down -3 pips (-0.02%) from the hour prior. This is the 2nd consecutive hour EURNZD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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 back and forth price flow continues for EURNZD, which started today off at 1.66339, down 140 pips 0.84% from the previous day. Those trading within the Forex asset class should know that EURNZD was the worst performer in the class. Here is a price chart of EURNZD.

EURNZD

EURNZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURNZD crossed below its 50 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 97.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EURNZD’s price has gone up 5 them.

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