NZD/CAD Down 8 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

NZD/CAD 4 Hour Price Update

Updated June 26, 2020 01:12 PM GMT (09:12 AM EST)

NZD/CAD entered the current 4 hour candle at 0.8781, down 8 pips (0.09%) from the last 4 hour candle. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 25th in terms of percentage change since the last 4 hour candle.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZD/CAD is up 1 pips (0.02%) since the day prior (opening today near 0.8769450272), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 26th in terms of percentage change since the day prior. The price chart of NZD/CAD below illustrates.

NZD/CAD Technical Analysis

The first thing we should note is that NZD/CAD is now close to its 20 and 50 day averages, located at 0.8752 and 0.8609 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 20 day average, which is 17.6 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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. 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 1 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.11, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a gartley technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bearish Gartley Pattern with two potential sell zonesThank you and Good Luck!