EUR/NZD 4 Hour Price Update
Updated June 01, 2020 01:15 AM GMT (09:15 PM EST)
The choppiness in the recent four-hour candle price action of EUR/NZD continues; to start the current 4 hour candle, it came in at a price of 1.7932, up 71 pips (0.4%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, EUR/NZD ranked 3rd the last 4 hour candle in terms of percentage price change.
EUR/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
After 3 up days, EUR/NZD snaps its streak, falling 22 pips (-0.12%) over the past day to close at an exchange rate of 1.78607. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Here is a price chart of EUR/NZD.
EUR/NZD Technical Analysis
Moving average crossovers are always interesting, so let’s start there: EUR/NZD crossed below its 20 and 100 day moving averages 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 100 day average, which is 6.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 5 out of the past 10 days. 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 10 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 3.33, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. 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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