NZD/CAD Down 10 Pips On 4 Hour Chart, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated June 24, 2020 01:14 PM GMT (09:14 AM EST)

NZD/CAD is down 10 pips (0.11%) since the previous 4 hours (opening the current 4 hour candle near 0.8725), marking the 3rd candle in a row a decline has happened. Out of the 37 instruments in the Forex asset class, NZD/CAD ended up ranking 26th 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 3 pips (0.04%) since the day prior (opening today near 0.8799152472), marking the 4th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 15th for the day in terms of price change. 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 and 50 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 20 day average, which is 57.3 pips away. Volatility for NZD/CAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZD/CAD’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 8 sell signals. This imputes a buy/sell ratio of 0.88, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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