EUR/NZD Moves Up For the 2nd 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 20 pips (0.11%) since yesterday (with its current price near 1.8509), marking the 2nd 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 26.21% from the day prior, but up 18.62% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 17th yesterday in terms of percentage price change. The price chart of EUR/NZD below illustrates.

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 797.6 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone up 19 them. 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 6 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD BEARISH EXPANDING TRIANGLE LOOKING LONG TERM SELL