EUR/NZD Up 38 Pips in Last 4 Hours, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

EUR/NZD 4 Hour Price Update

Updated May 28, 2020 09:07 PM GMT (05:07 PM EST)

EUR/NZD is up 38 pips (0.21%) since the last 4 hour candle (opening the current 4 hour candle near 1.7828), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 5th for the four-hour candle in terms of price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is up 20 pips (0.11%) since the previous day (opening today near 1.78096), marking the 2nd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, EUR/NZD ranked 11th the previous day in terms of percentage price change. 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, 50, 100 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 100 day average, which is 41.2 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 down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone down 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 23 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 3.83, 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.

IF YOU FOUND THIS ANALYSIS USEFUL YOU CAN SUPPORT BY LEAVING A ‘LIKE’E/U ANALYSIS5/27/20I have linked my last update on this pair belowhttps://www.tradingview.com/chart/EURNZD/Sb7rimNe-EUR-NZD-POTENTIAL-LONG-more-downside-first/did expect more downside before any LONG potentialPrice came down and AUD was very strong, which brought up the NZD as well….Price is finding support, EUR picking up momentumStill expecting the price to dip below before long!…Reminder: Drawing is only an idea of how the price will move, it’s NOT 100% perfection due to market natureMessage for private entries!