EUR/NZD 4 Hour Price Update
Updated July 21, 2020 09:10 AM GMT (05:10 AM EST)
The back and forth price flow continues for EUR/NZD, which started the current 4 hour candle off at 1.7383, down 33 pips 0.19% from the previous 4 hours. Relative to other instruments in the Forex asset class, EUR/NZD ranked 34th the previous 4 hours in terms of percentage price change.
EUR/NZD End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/NZD entered today at 1.74045, down 0 pips (0%) from the previous day. Relative to other instruments in the Forex asset class, EUR/NZD ranked 26th the previous day in terms of percentage price change. The price chart of EUR/NZD below illustrates.
EUR/NZD Technical Analysis
Coming into today the current price of EUR/NZD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 37.8 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone down 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.
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 23 sell signals. This imputes a buy/sell ratio of 0.61, which is bearish. As for the rationale, technical traders seem to be citing the appearance of double top, flag, relative strength index, trendline and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
EURNZD rebounded from supply zone at level 1.7488 with bearish movementPair broke uptrendlineBelow SMA 100MACD shows start of bearish momentumRSI is in downtrendIt’s expected for coming correction to target first key level at 1.7236then finally target demand zone at level 1.7165