NZD/CAD Price Recap
NZD/CAD enters today at 0.86355 in US dollars, up 33 pips (0.38%) from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 24.58% from the day before — and down 6.08% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 8th for the day in terms of day-over-day price change. Below is a price chart of NZD/CAD.
NZD/CAD Technical Analysis
Notably, NZD/CAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8467, 0.8557, 0.855 and 0.8559 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 200 day average, which is 76.1 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 up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days NZD/CAD’s price has gone up 7 them.
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 6 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Follow the fib and watch the price action, we are looking for a pullback of the overall trend.Prediction is valid until bottom line is crossed 🙂