(Last Updated September 10, 2020 16:17 GMT)
At the time of this writing, NZDCAD’s rate is down -11 pips (-0.13%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
NZDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of NZDCAD’s 4 day down streak; price ended the previous day up 26 pips (0.3%) to finish the day at a rate of 0.87847. Relative to other instruments in the Forex asset class, NZDCAD ranked 12th the previous day in terms of percentage price change. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
Coming into today NZDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 28 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 7 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDCAD, with 16 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
NZDCAD in King’s Crown Formation on daily AND 4hr chart….RSI in strong sell zone in Daily and 4hr timeframe….Right Tip formed both on Daily and 4hrs3.