EUR/NZD Down 6 Pips in Last 4 Hours, Outperforms All Forex; 2 Day Down Streak Snapped

EUR/NZD 4 Hour Price Update

Updated June 18, 2020 09:09 AM GMT (05:09 AM EST)

After 3 up four-hour candles, EUR/NZD snaps its streak, falling 6 pips (-0.03%) over the past four-hour candle to close at an exchange rate of 1.7453. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NZD continues; to start today, it came in at a price of 1.74558, up 46 pips (0.26%) since the previous day. For context, observe that the previous day was noteworthy in the sense that EUR/NZD bested all 40 of the assets in the Forex class. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Coming into today EUR/NZD is now close to its 20, 50 and 200 day averages, located at 1.753, 1.7763 and 1.7459 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 200 day average, which is 2.8 pips away. Volatility for EUR/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days EUR/NZD’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 20 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

EN at the top of the channel so we could see a continuation of the trend !!!