EUR/NZD 4 Hour Price Update
Updated August 06, 2020 09:06 AM GMT (05:06 AM EST)
The choppiness in the recent four-hour candle price action of EUR/NZD continues; to start the current 4 hour candle, it came in at a price of 1.7849, down 41 pips (0.23%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 35th 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 12 pips (0.07%) since yesterday (opening today near 1.78594), marking the 4th day in a row it has gone up. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 15th in terms of percentage change since yesterday. Below 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 moving averages, which may act as price barrier for the asset. 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 201.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 13 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
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 9 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
The EUR is gaining ground on the Kiwi ….Two cues to go long were1….Breaking the trendline resistance in MId July 20202.