EUR/NZD Down 5 Pips Over Past 4 Hours, Came Into Today Down For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days

EUR/NZD 4 Hour Price Update

Updated June 23, 2020 01:07 PM GMT (09:07 AM EST)

EUR/NZD is down 5 pips (0.03%) since the previous 4 hours (opening the current 4 hour candle near 1.7395), marking the 2nd candle in a row a decline has happened. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is down 11 pips (0.07%) since the previous day (opening today near 1.73637), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 33rd for the day in terms of price change. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, the current price of EUR/NZD is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 77.4 pips away. It should be noted, though, the 100 and 200 day simple moving averages turned downwards, which may be a bearish sign. Volatility for EUR/NZD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 14 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 10 days EUR/NZD’s price has gone down 7 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

Of note is that traders in aggregate have opinions on EURNZD, with 11 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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