NZD/CAD Down 2 Pips On 4 Hour Chart, Price Base in Formation Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/CAD 4 Hour Price Update

Updated May 13, 2020 01:06 AM GMT (09:06 PM EST)

NZD/CAD is down 2 pips (0.02%) since the previous 4 hours (opening the current 4 hour candle near 0.8545), marking the 3rd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, NZD/CAD ranked 17th the previous 4 hours in terms of percentage price change.

NZD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZD/CAD continues; to start today, it came in at a price of 0.8553479826, down 1 pips (0.01%) since the day prior. Relative to other instruments in the Forex asset class, NZD/CAD ranked 29th the day prior in terms of percentage price change. Below is a 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 20 day average, which is 48.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Also of note is that on a 90 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 15 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

We’re seeing some traders come out with interesting conviction on NZDCAD, with 5 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.71, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCAD have been moving in a wedge formation….right now price is in a strong level of resistance testing the zone….we are waiting for price to break the resistance zone or price to continue the wedge formation Buy Scenario if price breaks the resistance level.