(Last Updated October 5, 2020 16:26 GMT)
At the moment, NZDCAD’s rate is down 0 (0%) from the hour prior. NZDCAD has seen its price go down 9 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on NZDCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on NZDCAD; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
NZDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for NZDCAD, which started today off at 0.88255, down 1 pips 0.01% from the previous day. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 17th in terms of percentage change since the previous day. Here is a price chart of NZDCAD.
NZDCAD Technical Analysis
The first thing we should note is that NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8809, 0.8786, 0.8766 and 0.8636 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 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 30 days NZDCAD’s price has gone up 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDCAD, with 1 buy signals on our radar and 35 sell signals. This imputes a buy/sell ratio of 0.03, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price has made a nice correction up to a supply zone where price is now being rejected. This also aligns with the right shoulder of the daily head on shoulders formation. Ill be watching for a breakout of the counter trendline for a move down into support.