NZD/CAD 4 Hour Price Update
Updated June 29, 2020 09:09 PM GMT (05:09 PM EST)
The choppiness in the recent four-hour candle price action of NZD/CAD continues; to start the current 4 hour candle, it came in at a price of 0.8777, up 12 pips (0.14%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, NZD/CAD ended up ranking 8th for the four-hour candle in terms of price change.
NZD/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/CAD is up 4 pips (0.04%) since yesterday (opening today near 0.8789908001), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, NZD/CAD ranked 18th yesterday in terms of percentage price change. Below is a price chart of NZD/CAD.
NZD/CAD Technical Analysis
Notably, the current price of NZD/CAD is sitting close to its 20 and 50 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 20 day average, which is 33.8 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZD/CAD’s price has gone up 19 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDCAD, with 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, divergence and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price moved out of the ascending channel and made a retest,pricenow seems to be going to the