EUR/NZD Price Recap
EUR/NZD is down 45 pips (0.27%) since yesterday (with its current price near 1.70437), marking the 2nd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 4.29% from the day before — and down 15.52% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 36th yesterday in terms of percentage price change. The price chart of EUR/NZD below illustrates.
EUR/NZD Technical Analysis
Coming into today the current price of EUR/NZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 63 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone up 18 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 13 buy signals on our radar and 27 sell signals. This imputes a buy/sell ratio of 0.48, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
currently waiting on a break out of the h1 possible triangle pattern…climb up to complet the correction the a possible drop of eurnzd