NZD/CAD Down 3 Pips On 4 Hour Chart, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated May 14, 2020 09:06 AM GMT (05:06 AM EST)

NZD/CAD is down 3 pips (0.04%) since the previous 4 hours (opening the current 4 hour candle near 0.8436), marking the 2nd candle in a row it has gone down. Relative to other instruments in the Forex asset class, NZD/CAD ranked 20th the previous 4 hours in terms of percentage price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for NZD/CAD, which started today off at 0.8453804425, up 13 pips 0.15% from yesterday. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. The price chart of NZD/CAD below illustrates.

NZD/CAD Technical Analysis

Notably, the current price of NZD/CAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 19.3 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 7 buy signals on our radar and 22 sell signals. This imputes a buy/sell ratio of 0.32, which is bearish. 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.

NZDCAD broke ascending triangle pattern support line and retested itprice below key level and HVN around 0.84500price below SMA 100MACD shows bearish momentumRSI below 50so its expect bearish movement to support level around 0.82400