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 upward move 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. Let’s take a look at price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, 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. For additional context, note that price has gone up 19 out of the past 30 days.

A final note on correlations: in the recent most week, EUR/NZD has been most correlated with NZD/CHF — not terribly surprising, given that NZD is in both currency pairs. On the flip side, in terms of pairs with the least correlation to EUR/NZD, NZD/CHF is the pair that holds that distinction for the past two weeks.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 2 buy signals on our radar and 4 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 a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Previous chart I was waiting for price action to tell us where to go, but not enough reveal to confirm….Finally we can see it broken out from the channel line and retest is clearly done….Even see hammer bottom touch the last retest and it tell us good time to entry with the bull side.