EUR/NZD Down 4 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; is Inching Close to 200 Day Average

EUR/NZD 4 Hour Price Update

Updated June 05, 2020 01:22 AM GMT (09:22 PM EST)

EUR/NZD is down 4 pips (0.02%) since the last 4 hour candle (opening the current 4 hour candle near 1.7543), marking the 2nd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 23rd for the four-hour candle in terms of 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 1.7529, down 5 pips 0.03% from the day prior. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 37th for the day in terms of price change. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Coming into today 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 200 day average, which is 68.6 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone down 18 them. 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

Of note is that traders in aggregate have opinions on EURNZD, with 7 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel 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.

Channel Up identified. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.7460 within the next hours.