EUR/NZD Down 36 Pips Over Past 4 Hours, Moves Down For the 4th Day In A Row; Nears 200 Day Moving Average

EUR/NZD 4 Hour Price Update

Updated June 03, 2020 01:20 AM GMT (09:20 PM EST)

EUR/NZD is down 36 pips (0.21%) since the previous 4 hours (opening the current 4 hour candle near 1.752), marking the 4th candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 36th 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 is down 21 pips (0.12%) since the day prior (opening today near 1.75125), marking the 4th day in a row it has gone down. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 35th for the day in terms of price change. Let’s take a look at price chart of EUR/NZD.

EUR/NZD Technical Analysis

Coming into today EUR/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7875, 1.7925, 1.7884 and 1.7461 respectively, and thus may be at a key juncture along those timeframes. 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 51.7 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone down 17 them. 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

We’re seeing some traders come out with interesting conviction on EURNZD, with 12 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. 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.

EUR/NZD has developed some nice horizontal channel….ENTRY: 1.78479Let us know what you think about this idea and don’t be shy to leave a comment as we always try to reply to them :)Don’t forget to follow us here and like our ideas as it helps to grow our channel….Good luck !