EUR/NZD Down 31 Pips On 4 Hour Chart, Crosses 200 Day Moving Average; in a Downtrend Over Past 90 Days

EUR/NZD 4 Hour Price Update

Updated June 29, 2020 09:08 PM GMT (05:08 PM EST)

EUR/NZD entered the current 4 hour candle at 1.7502, down 31 pips (0.18%) from the last 4 hour candle. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 34th in terms of percentage change since the last 4 hour candle.

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 1.74608, down 7 pips 0.04% from the previous day. Relative to other instruments in the Forex asset class, EUR/NZD ranked 37th the previous day in terms of percentage price change. Below is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EUR/NZD crossed below its 200 day moving average yesterday. 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 0.4 pips away. Volatility for EUR/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 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.

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 a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders, EURNZD is bearish on Daily and forming a symmetrical triangle pattern on H4. We’ll wait for price action to determine if we go long or short.