EUR/NZD Moves Up For the 7th Day In A Row; in an Uptrend Over Past 14 Days

EUR/NZD Price Recap

EUR/NZD is up 77 pips (0.45%) since yesterday (with its current price near 1.7291), marking the 7th day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 16.79% from the day prior, and up 217.83% 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. Below is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, the current price of EUR/NZD is sitting close to its 20, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 187.2 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 8 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 16 buy signals on our radar and 23 sell signals. This imputes a buy/sell ratio of 0.7, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

I’m looking into a touch and retrace on the EURNZD, looking long term it’s doing a retrace of the last big impulse and it’s beating the 0.618 FIB anytime, that leads with a touch on the uptrend of 4H tfI’m looking into a good SELL oportunityBest RegardsJos√© P√™ssego