NZD/CAD Up 3 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Moves Up For the 3rd Day In A Row

NZD/CAD 4 Hour Price Update

Updated June 23, 2020 01:11 PM GMT (09:11 AM EST)

NZD/CAD is up 3 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 0.8775), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, NZD/CAD ranked 19th the last 4 hour candle in terms of percentage price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is up 7 pips (0.08%) since yesterday (opening today near 0.8767077264), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZD/CAD ranked 21st yesterday in terms of percentage price change. Below is a price chart of NZD/CAD.

NZD/CAD Technical Analysis

Notably, NZD/CAD is now close to its 20 and 50 day averages, located at 0.8727 and 0.8592 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 39.8 pips away. Volatility for NZD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 18 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 13 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.08, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is moving in a long term channel & has rejected the top multiple times in the past….Price now is also at a strong reversal point resistance, rejecting for 4 weeks….This new weekly candle has filled to test resistance once again, where now I will be looking for a continuation lower in the upcoming weeks ahead.