EUR/NZD 4 Hour Price Update
Updated June 04, 2020 01:09 AM GMT (09:09 PM EST)
The back and forth price flow continues for EUR/NZD, which started the current 4 hour candle off at 1.7475, down 4 pips 0.02% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 22nd 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 down 14 pips (0.08%) since the day prior (opening today near 1.74767), marking the 5th day in a row a decline has happened. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 37th in terms of percentage change since the day prior. 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 1.7855, 1.791, 1.7887 and 1.746 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 16.3 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 down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
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 13 sell signals. This imputes a buy/sell ratio of 1.15, which is neutral. 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.
A double rejection candles formed at the bottom, which helped us to create the channel, also a divergence on the price is formed.