EUR/NZD Up 30 Pips; Eyes 20 and 50 Day Averages

EUR/NZD Price Recap

The choppiness in the recent daily price action of EUR/NZD continues; to start today, it comes in at a price of 1.6838 US dollars, up 30 pips (0.18%) since yesterday. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 3.37% from the day prior, but down 0.02% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 12th for the day in terms of day-over-day 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 averages, located at 1.6913, 1.6845, 1.7097 and 1.7105 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 50 day average, which is 7.1 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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 14 days EUR/NZD’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 16 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 8, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURNZD 3 on mt4Inverted head, and shoulder *Rejecting off S/R line + Trend line **Morning starDivergence 4hr, 1hrLong term uptrend *Retesting off trend line *Pivot is a good entryBlue MA crossed over *Good amount of confirmations….High SL, because It’s below lowest point of Inverted head and shoulder, trend line, and S/R line….Most likely if it does drop it won’t hit SL.