(Last Updated September 15, 2020 23:18 GMT)
At the time of this writing, NZDCAD’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.87816, up 11 pips (0.13%) since yesterday. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Let’s take a look at 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 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 28.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 30 day period 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 down 19 out of the past 30 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
For now, we can see NZDCAD price level near an area of strong resistance with a 61.8 fib level….As of now, I see a higher potential of this resistance level breaking where we could be seeing price moving towards 0.8940 which is the first level I am looking at….I see a good BULLISH risk to reward trade if level is broken potentially seeing 1.618 fib level.