NZD/CAD Up 9 Pips On 4 Hour Chart, Price Base in Formation Over Past 90 Days; Nears 20, 100 and 200 Day Moving Averages

NZD/CAD 4 Hour Price Update

Updated May 12, 2020 12:54 AM GMT (08:54 PM EST)

The back and forth price flow continues for NZD/CAD, which started the current 4 hour candle off at 0.8518, up 9 pips 0.11% from the last 4 hour candle. Relative to other instruments in the Forex asset class, NZD/CAD ranked 4th 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 entered today at 0.851699052, up 3 pips (0.04%) from the previous day. Out of the 40 instruments in the Forex asset class, NZD/CAD ended up ranking 15th for the day in terms of price change. The price chart of NZD/CAD below illustrates.

NZD/CAD Technical Analysis

The first thing we should note is that the current price of NZD/CAD is sitting close to its 20, 50, 100 and 200 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 14.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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. Or to simplify this another way, note that out of the past 14 days NZD/CAD’s price has gone up 8 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!