EUR/NZD Down 23 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NZD 4 Hour Price Update

Updated June 08, 2020 01:16 AM GMT (09:16 PM EST)

EUR/NZD is down 23 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 1.7329), marking the 9th candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 30th 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 entered today at 1.73517, up 5 pips (0.03%) from the day prior. Relative to other instruments in the Forex asset class, EUR/NZD ranked 20th the day prior in terms of percentage price change. The price chart of EUR/NZD below illustrates.

EUR/NZD Technical Analysis

Coming into today the current price of EUR/NZD is sitting close to its 20 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 106.9 pips away. 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 10 days EUR/NZD’s price has gone up 5 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 7 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.78, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, flag 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.

We can see that price is in an uptrend on the daily chart….Looking for price to find support within the bull flag around 1.7212….I expect previous support to act as resistance and price to move back down to the daily trendline before making the big bullish move.