NZD/CAD Down 20 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Nears 100 and 200 Day Moving Averages

NZD/CAD 4 Hour Price Update

Updated March 31, 2020 01:09 PM GMT (09:09 AM EST)

NZD/CAD is down 20 pips (0.24%) since the last 4 hour candle (opening the current 4 hour candle near 0.8472), marking the 2nd candle in a row a decrease has occurred. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 23rd in terms of percentage change since the last 4 hour candle.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is up 8 pips (0.1%) since the previous day (opening today near 0.85162378), marking the 2nd day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 15th for the day in terms of price change. Here is a price chart of NZD/CAD.

NZD/CAD Technical Analysis

Notably, NZD/CAD is now close to its 20, 50, 100 and 200 day averages, located at 0.841, 0.8447, 0.8558 and 0.8494 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 200 day average, which is 22.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern 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 5 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of divergence, fibonacci and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

as title says, nzdcad is making a rising wedge and is right at the top of it, with bearish divergence on the mfi. once the chart is switched to a line chart you can clearly see the s/r zone. Trading @swingfish.trade, Join the Community! Its free!https://www.swingfish.trade/Lending/Investment:https://www.enfoid.com/investors/dv?a=c4e0Prop trading:https://www.enfoid.com/prop?a=c4e0