EUR/NZD Down 6 Pips, in an Uptrend Over Past 30 Days; Nears 100 and 200 Day Moving Averages

EUR/NZD Price Recap

The choppiness in the recent daily price action of EUR/NZD continues; to start today, it comes in at a price of 1.7089 US dollars, down 6 pips (0.04%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 10.38% from the day prior, but up 1.08% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 20th yesterday in terms of percentage price change. Below 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 16.7 pips away. Related to the moving average crossover is that EUR/NZD may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. Volatility for EUR/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 6 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 8 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.53, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD has sent us a strong bullish morning star signal on weekly chart above the support red zone….This could help it up to retest the green zone again for at least 1000 pips, considering RSI has not reach ite upper line that the momentum will rise up again ….Also this pair could tell us that NZDUSD will drop harder than EURUSD if it keep rising up to next resistance level.