EUR/NZD 4 Hour Price Update
Updated March 25, 2020 01:40 PM GMT (09:40 AM EST)
A moment of silence, please, for the end of EUR/NZD’s 5 four-hour candle down streak; price ended the previous 4 hours up 127 pips (0.69%) to finish the four-hour candle at a rate of 1.8529. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 6th for the four-hour candle in terms of price change.
EUR/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/NZD entered today at 1.8532, up 32 pips (0.17%) from the previous day. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 12th in terms of percentage change since the previous day. The price chart of EUR/NZD below illustrates.
EUR/NZD Technical Analysis
The first thing we should note is that the current price of EUR/NZD is sitting close to its 20 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 255.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on EURNZD, with 7 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price has broken out of the key ascending trendline with a strong bearish engulfing candlestick. Price looking to create a new downtrend & start making its way lower..