NZD/CAD Up 30 Pips On 4 Hour Chart, 3 Day Down Streak Snapped; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated May 18, 2020 05:09 PM GMT (01:09 PM EST)

NZD/CAD is up 30 pips (0.36%) since the last 4 hour candle (opening the current 4 hour candle near 0.8429), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 13th in terms of percentage change since the last 4 hour candle.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 down days, NZD/CAD snaps its streak, rising 5 pips (0.06%) over the past day to close at an exchange rate of 0.8368679628. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 8th for the day in terms of price change. The price chart of NZD/CAD below illustrates.

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 50 day average, which is 67.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days NZD/CAD’s price has gone up 15 them. 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 0 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price is expected to move upwards breaking the resistance trendline and retesting it. an upward move therefore is expected towards 0.844 and 0.84913please like and comment if mt post is helpful. i wish you goodluck