NZD/CAD Down 2 Pips, in an Uptrend Over Past 90 Days; is Inching Close to 20 and 200 Day Averages

NZD/CAD Price Recap

After 5 up days, NZD/CAD snaps its streak, falling 2 pips (-0.03%) over the past day to close at an exchange rate of 0.8657. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 18.6% from the day prior, but up 29.9% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 24th for the day in terms of day-over-day 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 200 day average, which is 24.1 pips away. In addition to the moving average crossover, NZD/CAD may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. 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 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZD/CAD’s price has gone up 7 them. And for candlestick traders, a special treat: there are doji and pin bar patterns 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 9 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.82, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

the price broke below the ascending trendline , wait for the price to make small correction or retest of the level, If price gives any Bearish Signal, Look for Sell Opportunity……Write in Comments about the Analysis…..*The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.