EUR/NZD Up 389 Pips; in an Uptrend Over Past 30 Days

EUR/NZD Price Recap

1.8365 (USD) was the opening price of the day for EUR/NZD, resulting in yesterday being a day in which price moved up 389 pips 2.16% from the day prior. 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. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 6th for the day in terms of day-over-day price change. The price chart of EUR/NZD below illustrates.

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 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURNZD, with 1 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. 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.