EUR/NZD Up 193 Pips; in an Uptrend Over Past 14 Days

EUR/NZD Price Recap

The choppiness in the recent daily price action of EUR/NZD continues; to start today, it comes in at a price of 1.8489 US dollars, up 193 pips (1.06%) since yesterday. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 20.55% from the day prior, and up 201.19% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 13th yesterday in terms of percentage price change. Below is a price chart of EUR/NZD.

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 858.1 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 5 out of the past 10 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 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD BEARISH EXPANDING TRIANGLE LOOKING LONG TERM SELL