EUR/NZD Moves Up For the 8th Day In A Row; in an Uptrend Over Past 14 Days

EUR/NZD Price Recap

EUR/NZD is up 150 pips (0.87%) since yesterday (with its current price near 1.7441), marking the 8th 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 24.69% from the day prior, and up 138.96% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 8th for the day in terms of day-over-day price change. The price chart of EUR/NZD below illustrates.

EUR/NZD Technical Analysis

Coming into today EUR/NZD is now close to its 20, 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 335.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. 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 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 2 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence 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.

Entry Price: below 1.76280Stop Level: above 1.77155Profit Level: at 1.74075Risk per trade must be no more than 1% of your capital….You can use the information from the post to make your own trading plan for the market….Only you can be responsible for your trading.