EUR/NZD Up 512 Pips; in an Uptrend Over Past 30 Days

EUR/NZD Price Recap

EUR/NZD is up 512 pips (2.77%) since yesterday (with its current price near 1.9021), marking the 3rd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 39.46% from the day prior, and up 29.37% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/NZD ended up ranking 8th 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

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 1204.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. 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 7 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

seems like eurnzd is making a flag…….in this we can scalp between the lines n on the last wave we can hold buy….we can also get in buy trade after it breaks the flag and retraces.