eurnzd shortDowntrend: The pair has been forming lower highs and lower lows, indicating a potential downtrend1.
Moving Averages
50-period and 200-period Moving Averages: The price is currently below both the 50-period and 200-period moving averages, which is a bearish signal1.
Key Levels
Chart Patterns
Double Top Formation: A double top pattern has formed, which is a classic bearish reversal signal1.
Indicators
Relative Strength Index (RSI): The RSI is trending downwards, indicating weakening momentum2.
MACD: The MACD line is below the signal line, reinforcing the bearish outlook2.
Conclusion
Given the current technical indicators and chart patterns, the EUR/NZD pair is showing signs of a bearish trend on the H4 chart.