EUR/NZD Moves Up For the 10th Day In A Row, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NZD Price Recap

EUR/NZD is up 141 pips (0.8%) since yesterday (with its current price near 1.7781), marking the 10th day in a row an increase 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 3.8% from the day prior, but up 154.52% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 7th for the day in terms of day-over-day price change. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

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 670.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 20 out of the past 30 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 7 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

In spite of the failed short trade, the market stays overbought….This market stays interesting for selling….It will be able to provide us interesting trades.