EUR/NZD Price Recap
EUR/NZD is up 20 pips (0.12%) since yesterday (with its current price near 1.69187), marking the 2nd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 8.32% from the day before — and down 19% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 17th yesterday in terms of percentage price change. The price chart of EUR/NZD below illustrates.
EUR/NZD Technical Analysis
Notably, 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 20 day average, which is 9.1 pips away. Volatility for EUR/NZD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Or to simplify this another way, note that out of the past 10 days EUR/NZD’s price has gone up 5 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURNZD, with 1 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.1, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of flag and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
We have a potential short trade here in EURNZD….This is a tested trendline from the march 2019 lows….Waiting for a 4hr close below the 50/200 and then can take short to the previous low, around 280 pips with first targeting being the 1618 at 1.669 area