NZD/CAD Down 14 Pips On 4 Hour Chart, Makes Big Move Relative to Past Month; Doji and Pin Bar Patterns Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated May 15, 2020 01:08 PM GMT (09:08 AM EST)

NZD/CAD is down 14 pips (0.17%) since the last 4 hour candle (opening the current 4 hour candle near 0.8391), marking the 3rd candle in a row a decrease has occurred. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 23rd in terms of percentage change since the last 4 hour candle.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for NZD/CAD, which started today off at 0.8434093532, up 6 pips 0.07% from the previous day. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 18th in terms of percentage change since the previous day. Let’s take a look at price chart of NZD/CAD.

NZD/CAD Technical Analysis

The first thing we should note is that NZD/CAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 0.1 pips away. It should be noted, though, the 20 and 50 day simple moving averages turned upwards, which may be a bullish sign. Price action traders in particular will want to note that the 90 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. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 4 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.27, 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; below is a short snippet from it to give you a taste.

Let’s take a look at NZD/CAD 4H chart, what we can see there is a beautiful parallel channel….Price right now is rejected from strong support and now is heading back up to retest resistance line….We can enter trade now as we can see that the price has been bounced from support line on multiple timeframes.