(Last Updated September 22, 2020)
Welcome to the news page for EURNZD (EURNZD). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on EURNZD, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
The moving averages on EURNZD summarize its price action in an interesting way. The 50 and 200 day averages are pointing upwards, suggesting a bullish trend, while the 20 and 100 day averages are pointing downward, suggesting a bearish trend on those timeframes.
The chart below illustrates.
Regarding EURNZD’s correlations over the past 7 days, it has been most correlated with USDJPY. If we zoom out to a two week basis, though, the asset showing the strongest correlation to EURNZD is NZDUSD. Alternatively, the asset least correlated with EURNZD over the past week has been USDNOK, but over the past two weeks, the asset least correlated with EURNZD has been EURCHF. See the chart below to observe the recent price action in EURNZD versus those of assets it hasn’t been well correlated with.
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At the time of this writing, EURNZD’s rate is up 0.0149 (0.85%) from the week prior. Moreover, note that this move is a reversal from the week prior, which saw price move down. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Most noteworthy in the world of moving averages on the weekly chart is that the 20 and 50 week moving averages have been crossed, with price now being above them. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. EURNZD’s weekly price action over the past 52 weeks can be seen via the chart below.
I am just showing the trend how it may go and my view(it may wrong too)..so don’t follow blindly my chart..take this as a reference and if it correlate to you strategy took the trade as per your strategy…
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurnzd.
Relative to other instruments in the forex asset class, eurnzd ranked 39th the day prior in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
It’s been a feast for bears operating on an hourly timeframe, as eurnzd has now gone down 4 of the past 5 hours.
As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
Volatility for eur/nzd has been contracting over the past two weeks relative to volatility over the past month.
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.