NZD/CAD Down 5 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated June 19, 2020 09:23 AM GMT (05:23 AM EST)

NZD/CAD is down 5 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 0.8722), marking the 5th candle in a row a decline has happened. Relative to other instruments in the Forex asset class, NZD/CAD ranked 24th the previous 4 hours in terms of percentage price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is down 1 pips (0.01%) since the day prior (opening today near 0.874195322), marking the 2nd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 29th for the day in terms of 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, 50 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 44.8 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. For additional context, note that price has gone up 18 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 4 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hey followers,I will really apricate any likes and follows, that would help growing this channel.There is good example of bullish rectangle on 4H chart with NZD/CAD. Price is taking a breath before making another move up.Let us know what you think about this idea.Trade safe !