EUR/NZD Up 44 Pips On 4 Hour Chart, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

EUR/NZD 4 Hour Price Update

Updated July 31, 2020 05:06 AM GMT (01:06 AM EST)

EUR/NZD entered the current 4 hour candle at 1.777, up 44 pips (0.25%) from the last 4 hour candle. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 3rd 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 42 pips (0.24%) since the previous day (opening today near 1.77253), marking the 9th day in a row it has gone up. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 2nd in terms of percentage change since the previous day. Let’s take a look at price chart of EUR/NZD.

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 1.7445, 1.7412, 1.7668 and 1.7498 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 100 day average, which is 57.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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 10 days EUR/NZD’s price has gone up 9 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

We’re seeing some traders come out with interesting conviction on EURNZD, with 11 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.83, which is bullish. 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.

See my last trades of this pair, been trading it since the bottom of the weekly channel….Since the last update and entry at 1.7250 area, pair is currently up 500 pips with lots more opportunity to go….Weekly upward channel holding and pair bounced off bottom of channel.