EUR/NZD Up 29 Pips in Last 4 Hours, Breaks Above 100 Day Average; in an Uptrend Over Past 14 Days

EUR/NZD 4 Hour Price Update

Updated July 30, 2020 01:06 AM GMT (09:06 PM EST)

The choppiness in the recent four-hour candle price action of EUR/NZD continues; to start the current 4 hour candle, it came in at a price of 1.7701, up 29 pips (0.16%) since the last 4 hour candle. For context, observe that the last 4 hour candle were noteworthy in the sense that EUR/NZD bested all 37 of the assets in the Forex class.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is up 17 pips (0.09%) since the previous day (opening today near 1.76947), marking the 8th day in a row an upward move has occurred. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Here is a price chart of EUR/NZD.

EUR/NZD

EUR/NZD Technical Analysis

First things first: EUR/NZD crossed above its 100 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 100 day average, which is 21.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone up 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 17 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.7, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence, relative strength index and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 DAILY CHART EXPLANATION: ..🔸Price is moving on an Ascending Channel..🔸It has broken the Descending Trendline..🔸Right now it is facing the Resistance Zone. If it is broken to the upside, then the bullish scenario will be active..🔸 Will look for a lower timeframe bullish setup.🔸 4H CHART ANALYSIS: https://www.tradingview.com/x/Sl13jQqD/