EUR/NZD Down 17 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; is Inching Close to 20 and 50 Day Averages

EUR/NZD 4 Hour Price Update

Updated July 23, 2020 09:24 AM GMT (05:24 AM EST)

EUR/NZD is down 17 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 1.7331), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 26th for the four-hour candle in terms of price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is up 10 pips (0.06%) since yesterday (opening today near 1.73759), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 11th in terms of percentage change since yesterday. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, EUR/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7308, 1.7425, 1.7722 and 1.7472 respectively, and thus may be at a key juncture along those timeframes. 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 48.8 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone down 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 15 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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