EUR/NZD Up 389 Pips; in an Uptrend Over Past 14 Days

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 1.8365 US dollars, up 389 pips (2.16%) since yesterday. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 72.99% from the day prior, and up 57.31% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/NZD ranked 6th yesterday in terms of percentage price change. Here is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

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 890 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURNZD; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, 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.

EURNZD is keenly approaching my Entry zone that lays at the 50% Fibonacci aligned with my key zone and the well respected Trendline….Upon the retest of these Technicals i’m going to go short….Tomorrow there is an interest rate decision coming from the ECB (European Central Bank) at 12.45 GMT, meaning you may want to be careful entering and maybe await a higher push to the upside before entering as it may wickfish early sellers.