EUR/NZD Up 27 Pips On 4 Hour Chart, Price Base in Formation Over Past 30 Days; Eyes 20 and 100 Day Averages

EUR/NZD 4 Hour Price Update

Updated May 26, 2020 09:09 PM GMT (05:09 PM EST)

EUR/NZD, which opened the current 4 hour candle priced near 1.7712, is up 27 pips 0.15% since the previous 4 hours, marking a reversal from the candle prior — and the end of a 4 four-hour candle negative run. Relative to other instruments in the Forex asset class, EUR/NZD ranked 2nd the previous 4 hours in terms of percentage price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/NZD, which started today off at 1.78721, up 19 pips 0.11% from the previous day. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 13th for the day in terms of price change. The price chart of EUR/NZD below illustrates.

EUR/NZD Technical Analysis

Notably, the current price of EUR/NZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 32.7 pips away. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone down 7 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 22 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 2.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Waiting for reaction at the bottom of the channel .