EUR/NZD Price Recap
EUR/NZD, currently priced near 1.7679, is down 119 pips 0.67% since yesterday, marking a reversal from the day prior — and the end of a 11 day positive run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 32.57% from the day prior, but up 32.94% 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. Below is a price chart of EUR/NZD.
EUR/NZD Technical Analysis
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 20 day average, which is 508 pips away. 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. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone up 11 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 5 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.18, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel and divergence technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello guys, the price has tested for 3 days the strongest resistance on mid term EUR/NZD. I think it will fall starting from today and closing friday… 4 days of time for a bearish bias to form.Let’s see if it goes down!Happy trading to all.