(Last Updated September 9, 2020 15:17 GMT)
At the time of this writing, NZDCAD’s rate is up 14 pips (0.16%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
NZDCAD is down 13 pips (0.14%) since the day prior (opening today near 0.87592), marking the 3rd consecutive day a decline has happened. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 26th in terms of percentage change since the day prior. The price chart of NZDCAD below illustrates.
NZDCAD Technical Analysis
The first thing we should note is that 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 20 day average, which is 44.6 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 down 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 6 buy signals on our radar and 6 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.
ON NZD CAD I think maybe we will see 2 harmonic pattern consistantly