Mar. 3, 2021
The EUR/NZD is trading steadily today, ranging between 1.66 and 1.6548 and is now at 1.6585. (Trade EUR/NZD with FXTM now).
This limbo state for EUR/NZD is reflected by market data published as Euro Zone Consumer Price Index matches projections with new data release of 0.9. indicator value is unchanged and is the same as previous data of 0.9. Germany Unemployment Change published yesterday at 8:55 AM came out at 9,000, falling short of the -13,000 projections and continuing its decline from the previous -37,000 figure. New Zealand Building Consents (MoM) (Jan) is released with a new figure of 2.1, This is down from preceding data of 5.1.
Visual analysis of the EUR/NZD's price graph shows EUR/NZD is climbing away and is now 227 pips from the 1.6357 support line. In terms of trend indicators, we can see that at 1.6595, EUR/NZD made an initial breakout above the 10 day Simple Moving Average, an indication of a positive trend. Asset volatility analysis shows that the lower Bollinger band is at 1.6431, indicating a positive move might be next.
Overall, looking at the technical analysis landscape, it seems EUR/NZD might start pointing upward in the short term.
Other markets showed mixed performances as well. HANG SENG INDEX is up 2.17% to 29,726.73 SSE gained 1.63%, currently at 3,565.75
Data to be released later might clear up some of the fog for EUR/NZD as New Zealand RBNZ Gov Orr speech set for today at 8:15 PM. Euro Zone Retail Sales are expected to decline to -1.1 when its preceding data was two, Data will be available tomorrow at 10:00 AM. Spain Services PMI is projected to outperform the last figure with 43, while it previously stood at 41.7, data will be released today at 8:15 AM.