NZD/CAD Price Recap
The back and forth price flow continues for NZD/CAD, which starts today off at 0.8506 US dollars, down 0.36% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 14.99% from the day prior, and up 14.31% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/CAD ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of NZD/CAD.
NZD/CAD Technical Analysis
The first thing we should note is that NZD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Volatility for NZD/CAD has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZD/CAD’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDCAD, with 10 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.43, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com
; below is a short snippet from it to give you a taste.
Could retrace at 50% again and continue further up