NZD/CAD Down 2 Pips in Last 4 Hours, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated August 03, 2020 05:12 AM GMT (01:12 AM EST)

The back and forth price flow continues for NZD/CAD, which started the current 4 hour candle off at 0.8887, down 2 pips 0.02% from the last 4 hour candle. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 21st 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 entered today at 0.8891562314, up 11 pips (0.12%) from the day prior. Compared to its peers in the Forex, NZD/CAD gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. Here is a price chart of NZD/CAD.

NZD/CAD

NZD/CAD Technical Analysis

The first thing we should note is that NZD/CAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 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. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 3 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After it break the weekly trendline, will see if it maintain some support at 0.88000. Will see how monday work out. If we see a bulish candle we can see a 0.92500 zone.