Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
For additional context, note that price has gone up 8 out of the past 14 days.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
Volatility for nzd/cad has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.
As for the rationale, technical traders seem to be citing the appearance of fibonacci and triangle technical patterns.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
We think that we are dealing with the correction elliott wave.
RSI (relative strength index) showing values below 50 which supports the bearish sentiment.an alternative scenario, key resistance level lies at 0.68342.