EUR/NZD Down 11 Pips On 4 Hour Chart, Entered Today Up For the 7th Day In A Row; in a Downtrend Over Past 90 Days

EUR/NZD 4 Hour Price Update

Updated July 29, 2020 01:13 AM GMT (09:13 PM EST)

EUR/NZD is down 11 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 1.7592), marking the 3rd candle in a row a decrease has occurred. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 28th 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 is up 7 pips (0.04%) since yesterday (opening today near 1.75947), marking the 7th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 18th for the day in terms of price change. The price chart of EUR/NZD below illustrates.

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 100 day average, which is 84.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone up 10 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 4 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.22, which is bearish. 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.

PRICE BREAKS THE TREND LINE AND IS IN A BEARISH ASCENDING CHANNEL, SHORT AND THEN LONG