EUR/NZD Up 17 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 90 Days

EUR/NZD 4 Hour Price Update

Updated June 02, 2020 01:22 AM GMT (09:22 PM EST)

After 3 down four-hour candles, EUR/NZD snaps its streak, rising 17 pips (0.1%) over the past four-hour candle to close at an exchange rate of 1.7702. Out of the 37 instruments in the Forex asset class, EUR/NZD ended up ranking 4th for the four-hour candle in terms of price change.

EUR/NZD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EUR/NZD, which started today off at 1.77032, up 13 pips 0.07% from the previous day. Compared to its peers in the Forex, EUR/NZD gave its buyers a return that ranked 9th in terms of percentage change since the previous day. Let’s take a look at price chart of EUR/NZD.

EUR/NZD Technical Analysis

Coming into today EUR/NZD is now close to its 20, 50, 100 and 200 day averages, located at 1.7896, 1.7942, 1.7881 and 1.7462 respectively, and thus may be at a key juncture along those timeframes. 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 177.9 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 down. Also of note is that on a 90 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 16 out of the past 30 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 7 sell signals. This imputes a buy/sell ratio of 1.43, which is bullish. 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.

Broken trendline, expecting a break of the bottom trendline, followed with a rejection.