EUR/NZD Heads Up For the 6th Day In A Row

EUR/NZD Price Recap

EUR/NZD is up 94 pips (0.55%) since yesterday (with its current price near 1.7214), marking the 6th day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 0.98% from the day prior, but up 96.27% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 5th for the day in terms of day-over-day price change. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, EUR/NZD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 111.2 pips away. Volatility for EUR/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone up 9 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 11 buy signals on our radar and 25 sell signals. This imputes a buy/sell ratio of 0.44, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Please Support this Idea with LIKE if it is Useful…….The price is above support/resistance level,and is following an uptrend channel ,Wait for the price to make a pullback and if price gives any bullish signal,look for buy opportunityFor Entry:Wait for the formation of Bullish Candlestick Pattern to close on 4hr timeframe for confirmation to Buy…..Push LIKE & SUPPORT the Idea…