NZD/CAD 4 Hour Price Update
Updated May 19, 2020 05:13 PM GMT (01:13 PM EST)
NZD/CAD, which opened the current 4 hour candle priced near 0.8467, is down 3 pips 0.04% since the last 4 hour candle, marking a reversal from the candle prior — and the end of a 3 four-hour candle positive run. Out of the 37 instruments in the Forex asset class, NZD/CAD ended up ranking 25th for the four-hour candle in terms of price change.
NZD/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/CAD is up 5 pips (0.06%) since the day prior (opening today near 0.841990853), marking the 3rd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 15th for the day in terms of price change. Here is a price chart of NZD/CAD.
NZD/CAD Technical Analysis
Coming into today NZD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 25.4 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 14 days. 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 1 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.08, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
After a double top on the daily we saw a massive drop price has come to retest the mid point of the double top at 0.85000 and failed lets see if we can ride this pair back down