(Last Updated September 14, 2020 23:17 GMT)
At the moment, NZDCAD’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 200 hour changed directions on NZDCAD; it is now pointing up. 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 entered today at 0.87816, up 11 pips (0.13%) from the previous day. Out of the 40 instruments in the Forex asset class, NZDCAD ended up ranking 16th for the day in terms of price change. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
Coming into today NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.873, 0.881, 0.8717 and 0.8625 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 50 day average, which is 28.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period 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 7 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on NZDCAD, with 9 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.75, 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.
For now, we can see NZDCAD price level near an area of strong resistance with a 61.8 fib level….As of now, I see a higher potential of this resistance level breaking where we could be seeing price moving towards 0.8940 which is the first level I am looking at….I see a good BULLISH risk to reward trade if level is broken potentially seeing 1.618 fib level.