EUR/NZD Down 82 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days

EUR/NZD 4 Hour Price Update

Updated May 29, 2020 09:09 PM GMT (05:09 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 1.7874, down 82 pips (0.46%) since the previous 4 hours. On a relative basis, EUR/NZD was the worst performer out of all 37 of the assets in the Forex asset class.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/NZD is up 35 pips (0.2%) since the day prior (opening today near 1.78631), marking the 3rd day in a row it has gone up. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. Below is a price chart of EUR/NZD.

EUR/NZD Technical Analysis

Notably, EUR/NZD crossed above its 100 day moving average 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 4.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EUR/NZD’s price has gone down 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURNZD, with 14 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.27, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triple top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The price reached the support zone one more time….The previous reversal from that zone gave us an upside movement to 1.82500, and this time we can build a trading idea using the same pattern….The price is bouncing from the support zone and SMA100.