Volatility for nzdcad has been contracting over the past two weeks relative to volatility over the past month.
It’s been a feast for bears operating on an hourly timeframe, as nzdcad has now gone down 4 of the past 5 hours.
Relative to other instruments in the forex asset class, nzdcad ranked 19th the previous day in terms of percentage price change.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
Relative to other instruments in the forex asset class, nzdcad ranked 30th the previous day in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
This imputes a buy/sell ratio of 0.33, which is bearish.
Here is a detailed update top-down analysis for nzdcad.which scenario do you think is more likely to happen?
Price action traders may also wish to note that we see a pin bar candlestick pattern on nzdcad.
But, let’s not get carried away with that idea just yet. 🙂 as for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns.