NZD/CAD Up 3 Pips On 4 Hour Chart, Makes Big Move Relative to Past Month; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated May 21, 2020 12:44 AM GMT (08:44 PM EST)

NZD/CAD is up 3 pips (0.04%) since the last 4 hour candle (opening the current 4 hour candle near 0.8542), marking the 4th candle in a row an upward move has occurred. Out of the 37 instruments in the Forex asset class, NZD/CAD ended up ranking 13th for the four-hour candle in terms of price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is up 7 pips (0.08%) since the previous day (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 the previous day. Here 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. 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 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

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 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.