NZD/CAD 4 Hour Price Update
Updated May 25, 2020 09:07 PM GMT (05:07 PM EST)
The choppiness in the recent four-hour candle price action of NZD/CAD continues; to start the current 4 hour candle, it came in at a price of 0.8527, up 6 pips (0.07%) since the previous 4 hours. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 7th 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 entered today at 0.8533556543, down 1 pips (0.01%) from yesterday. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 29th 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 0.8493, 0.8462, 0.8458 and 0.8501 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 32.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern 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 15 sell signals. This imputes a buy/sell ratio of 0.27, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
price broke out of the trendline and now making a retest before going back to the demand zone.