EUR/NZD Down 22 Pips in Last 4 Hours, 3 Day Down Streak Broken; in a Downtrend Over Past 90 Days

EUR/NZD 4 Hour Price Update

Updated July 22, 2020 09:19 AM GMT (05:19 AM EST)

EUR/NZD entered the current 4 hour candle at 1.734, down 22 pips (0.13%) from the last 4 hour candle. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 29th in terms of percentage change since the last 4 hour candle.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD, which opened today priced near 1.73603, is up 8 pips 0.05% since the day prior, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 16th in terms of percentage change since the day prior. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Coming into today the current price of EUR/NZD is sitting close to its 20, 50, 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 20 day average, which is 51.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 10 days EUR/NZD’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 23 sell signals. This imputes a buy/sell ratio of 0.26, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

If this pair breaks the fibonacci 38.2% level we can see a rise up untill the 23.6% level and maybe even more till it tests the major resistance at 1.7475 area