EUR/NZD Moves Up For the 11th 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 17 pips (0.1%) since yesterday (with its current price near 1.7798), marking the 11th 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 1.42% from the day prior, but up 151.81% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 18th for the day in terms of day-over-day price change. Below 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 20 day average, which is 661.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone up 20 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

A final note on correlations: in the recent most week, NZD/CHF has been the pair most correlated with EUR/NZD — not terribly surprising, given that NZD is in both currency pairs. As for pairs with the least correlation, look no further than NZD/CHF for that answer.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 6 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence, elliott wave, head and shoulders and triangle technical patterns. Here’s a piece we found on that we thought you might enjoy.