EUR/NZD Down 7 Pips On 4 Hour Chart, Breaks Below 200 Day Average; Price Base in Formation Over Past 30 Days

EUR/NZD 4 Hour Price Update

Updated July 24, 2020 09:07 PM GMT (05:07 PM EST)

The back and forth price flow continues for EUR/NZD, which started the current 4 hour candle off at 1.7537, down 7 pips 0.04% from the previous 4 hours. Relative to other instruments in the Forex asset class, EUR/NZD ranked 26th the previous 4 hours in terms of percentage price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EUR/NZD continues; to start today, it came in at a price of 1.74751, down 1 pips (0.01%) since the day prior. Relative to other instruments in the Forex asset class, EUR/NZD ranked 24th the day prior in terms of percentage price change. Here is a price chart of EUR/NZD.

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. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 14 days. 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 8 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.62, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci 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.

if we opened the daily frame we it gives us a hint that the price will get lower for a retest in daily frame then the price will keep going up for more you can add my telegram channel https://t.me/FAAASignals