EUR/NZD Up 11 Pips On 4 Hour Chart, Fares the Worst Out of Forex; Social Sentiment Biased Towards Buying

EUR/NZD 4 Hour Price Update

Updated July 06, 2020 05:07 AM GMT (01:07 AM EST)

EUR/NZD is up 11 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 1.7216), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/NZD ranked 20th the previous 4 hours in terms of percentage price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is down 46 pips (0.27%) since the day prior (opening today near 1.71582), marking the 5th day in a row it has gone down. On a relative basis, EUR/NZD was the worst performer out of all 40 of the assets in the Forex asset class. 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 and 200 day moving averages, which may act as price barrier for the asset. 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 249.9 pips away. It should be noted, though, the 200 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone down 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 26 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 13, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD has finally arrived at last defend line, we bounced up last time from this area….If we do bounce and close above 1.727, I believe price next target is around 1.734….It seems like price is building some support candles, might wick down more, therefore I am placing SL 1.718.