EUR/NZD Currency Pair Forecast
EUR/NZD currency pair upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Jun 20, 2024)
The EUR/NZD currency pair price gained 0.0693% on the last trading day (Thursday, 20th Jun 2024), rising from $1.75 to $1.75. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 0.332% from a day low at $1.75 to a day high of $1.75. The price has risen in 7 of the last 10 days but is still down by -0.51% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 170 thousand shares were bought and sold for approximately $297.86 thousand.
The currency pair lies in the middle of a narrow and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the currency pair is expected to fall -3.34% during the next 3 months and, with a 90% probability hold a price between $1.68 and $1.72 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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EURNZD Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 13, 2024, and so far it has risen 0.406%. Further rise is indicated until a new top pivot has been found. EUR/NZD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The EUR/NZD currency pair holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the currency pair giving a more negative forecast for the stock. On further gains, the currency pair will meet resistance from the long-term Moving Average at $1.77. On a fall, the currency pair will find some support from the short-term average at $1.75. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for EUR/NZD currency pair
EUR/NZD finds support from accumulated volume at $1.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0058 between high and low, or 0.332%. For the last week the currency pair has had daily average volatility of 0.418%.
Our recommended stop-loss: $1.64 (-6.11%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 38 days ago.)
Trading Expectations (EURNZD) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect EUR/NZD to open at $1.75, and during the day (based on 14 day Average True Range), to move between $1.74 and $1.76, which gives a possible trading interval of +/-$0.0074 (+/-0.42%) up or down from last closing price. If EUR/NZD takes out the full calculated possible swing range there will be an estimated 0.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.75 (0.07%) than the resistance at $1.77 (1.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is EUR/NZD currency pair A Buy?
EUR/NZD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.148 Hold/Accumulate Upgraded
Predicted Opening Price for EUR/NZD of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| $1.75 ( 0.0789%) | $1.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for EURNZD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.76 | 0.411% |
| R2 | 1.75 | 0.284% |
| R1 | 1.75 | 0.206% |
| Price | 1.75 | |
| S1 | 1.75 | -0.0478% |
| S2 | 1.75 | -0.126% |
| S3 | 1.74 | -0.253% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1.81 | 3.43% |
| R2 | 1.79 | 2.51% |
| R1 | 1.77 | 1.21% |
| Price | 1.75 | |
| S1 | 1.75 | -0.0692% |
| S2 | 1.74 | -0.305% |
| S3 | 1.74 | -0.404% |
FAQ
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