NZD/CAD Up 49 Pips in Last 4 Hours, Makes Big Move Relative to Past Two Months; Entered Today Down For the 2nd Day In A Row

NZD/CAD 4 Hour Price Update

Updated March 26, 2020 05:15 AM GMT (01:15 AM EST)

After 4 down four-hour candles, NZD/CAD snaps its streak, rising 49 pips (0.59%) over the past four-hour candle to close at an exchange rate of 0.8304. Relative to other instruments in the Forex asset class, NZD/CAD ranked 2nd the last 4 hour candle in terms of percentage price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is down 167 pips (1.99%) since the day prior (opening today near 0.824876), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 36th in terms of percentage change since the day prior. Below is a price chart of NZD/CAD.

NZD/CAD Technical Analysis

The first thing we should note is that 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 163.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 16 out of the past 30 days. 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

Of note is that traders in aggregate have opinions on NZDCAD, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.