EUR/NZD Up 154 Pips; in an Uptrend Over Past 14 Days

EUR/NZD Price Recap

EUR/NZD enters today at 1.7833 in US dollars, up 154 pips (0.87%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 18.74% from the day prior, but up 9.09% 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

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 620.5 pips away. 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 20 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 7 buy signals on our radar and 24 sell signals. This imputes a buy/sell ratio of 0.29, 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.

In this trade setup we have some Fib-Ception going on where one is the Daily and the other is the 4 Hourly….Amazingly, they both align beautifully at the 61.8% and 50% on the prior level of Support and Resistance that would be acting as Support….This looks like a great trade!