NZD/CAD 4 Hour Price Update
Updated May 21, 2020 05:06 PM GMT (01:06 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 0.852, down 4 pips (0.05%) since the last 4 hour candle. Relative to other instruments in the Forex asset class, NZD/CAD ranked 19th the last 4 hour candle in terms of percentage price change.
NZD/CAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
NZD/CAD is up 7 pips (0.08%) since yesterday (opening today near 0.8544312084), marking the 5th day in a row an increase has occurred. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 9th in terms of percentage change since yesterday. 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, 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 200 day average, which is 44.5 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 9 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 7 buy signals on our radar and 18 sell signals. This imputes a buy/sell ratio of 0.39, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag and stochastic technical patterns. 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.