NZD/CAD Up 24 Pips in Last 4 Hours, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 30 and 90 Days

NZD/CAD 4 Hour Price Update

Updated May 20, 2020 05:07 PM GMT (01:07 PM EST)

NZD/CAD is up 24 pips (0.28%) since the previous 4 hours (opening the current 4 hour candle near 0.8541), marking the 2nd candle in a row it has gone up. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 5th in terms of percentage change since the previous 4 hours.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is up 17 pips (0.2%) since the previous day (opening today near 0.8483741635), marking the 4th day in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 11th for the day in terms of price change. Let’s take a look at price chart of NZD/CAD.

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 20 day average, which is 2.9 pips away. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days NZD/CAD’s price has gone up 8 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 5 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.26, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Traders you can see that above NZDCAD 15M chart in an uptrend with Elliot wave flag pattern and price go toward “b” wave support, and the stochastic indicator also near about oversold level….So you can place a buy trade at support level 0.8479 with 15pips stop-loss and set the profit target between 30-50pips.