EUR/NZD Down 11 Pips On 4 Hour Chart, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/NZD 4 Hour Price Update

Updated July 24, 2020 01:05 PM GMT (09:05 AM EST)

EUR/NZD entered the current 4 hour candle at 1.751, down 11 pips (0.06%) from the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/NZD ranked 23rd the last 4 hour candle in terms of percentage price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/NZD, which started today off at 1.74751, down 1 pips 0.01% from the day prior. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 24th for the day in terms of price change. The price chart of EUR/NZD below illustrates.

EUR/NZD Technical Analysis

First things first: EUR/NZD crossed below its 200 day moving average yesterday. 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 200 day average, which is 0.4 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EUR/NZD’s price has gone down 17 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 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of fibonacci 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.

Break of resistance level 1.73658Break of the daily trendlineFib retracement .618