EUR/NZD Down 2 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

EUR/NZD 4 Hour Price Update

Updated June 25, 2020 01:11 PM GMT (09:11 AM EST)

EUR/NZD is down 2 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.7469), marking the 3rd candle in a row a decline has happened. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 17th in terms of percentage change since the previous 4 hours.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is up 16 pips (0.09%) since yesterday (opening today near 1.75687), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, EUR/NZD ranked 11th yesterday in terms of percentage price change. The price chart of EUR/NZD below illustrates.

EUR/NZD Technical Analysis

The first thing we should note is that EUR/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7439, 1.7701, 1.795 and 1.7461 respectively, and thus may be at a key juncture along those timeframes. 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 107.8 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone down 16 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 10 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.77, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Eurznd long opportunity .Eurnzd is in overall bullish trend on weekly and monthly trendline analysis.Its being playing around the trendline for some time and now buyers are entering the market.we expecting price to push up further .Please follow me,like & comment to support the creation of more content.