NZD/CAD Up 5 Pips Over Past 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated July 02, 2020 01:15 AM GMT (09:15 PM EST)

NZD/CAD is up 5 pips (0.06%) since the last 4 hour candle (opening the current 4 hour candle near 0.8803), marking the 5th candle in a row an increase has occurred. Relative to other instruments in the Forex asset class, NZD/CAD ranked 3rd 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 12 pips (0.14%) since the day prior (opening today near 0.8808983168), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 3rd for the day in terms of price change. The price chart of NZD/CAD below illustrates.

NZD/CAD Technical Analysis

The first thing we should note is that 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 45.2 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 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZD/CAD’s price has gone up 9 them. 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 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite 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 reached the strong resistant , it can be bearish to next support on Fibonacci.