EUR/NZD Down 143 Pips in Last 4 Hours, Entered Today Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

EUR/NZD 4 Hour Price Update

Updated March 24, 2020 03:21 AM GMT (11:21 PM EST)

EUR/NZD is down 143 pips (0.76%) since the last 4 hour candle (opening the current 4 hour candle near 1.8742), marking the 3rd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/NZD ranked 33rd the last 4 hour candle in terms of percentage price change.

EUR/NZD Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

EUR/NZD is down 133 pips (0.71%) since the prior day’s New York session (opening today’s post-New York session near 1.87417), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 11.05% from the day prior, but up 57.07% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 35th for the day in terms of 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 749.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 5 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.45, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci 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.

4H CHART EXPLANATION:🔸 Price has reached the top of the Ascending Channel , and was rejected there….🔸 We are waiting for the Ascending Trendline to be broken first….🔸 In case the Support Zone is broken, then the target zone would be the Ascending Trendline of the Channel.