EURNZD is the currency pair symbol for the exchange rate between the Euro (EUR) and the New Zealand Dollar (NZD). It represents the value of one Euro in terms of New Zealand Dollars.
In currency trading, when you see the EURNZD pair quoted as, for example, 1.6800, it means that 1 Euro is equivalent to 1.6800 New Zealand Dollars. If the exchange rate were to increase to 1.7000, it would indicate that the Euro has appreciated against the New Zealand Dollar, as it now takes more NZD to buy 1 EUR.
Currency exchange rates fluctuate constantly due to various factors such as economic indicators, geopolitical events, interest rates, and market sentiment. Traders and investors analyze these factors to make decisions about buying or selling currency pairs like EURNZD in the foreign exchange market.
Today looking at the EUR/NZD on the weekly, we can see the market entered into a risk-off period at the end of last week. This means looking for shorting opportunities on AUD and NZD assuming the sentiment continues.
EUR/NZD printed a ‘Hammer’ candle after a false break of the weekly trendline. Look for buying opportunities according to strategy rules. Check out some of the other Kiwi pairs too for other opportunities to short NZD. Remember to use good risk management at all times and never over-risk on any particular currency.
Recommendations: Buy/Buy limit @ 1.74600 Take Profit: 1.76600