NZDCAD pushes through Tuesday's high


New Zealand Dollar/Canadian Dollar (NZDCAD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

NZDCAD pushes through key technical resistance level
NZDCAD rises to highest close since August 6th
NZDCAD closes higher for the 4th day in a row
NZDCAD pushes through Tuesday's high

Overview

Moving higher for the 4th day in a row, NZDCAD finished Wednesday at 0.8872 gaining 19 pips (0.21%). Today's close at 0.8872 marks the highest recorded closing price since August 6th. Closing above Tuesday's high at 0.8863, NZD/CAD confirmed its breakout through the previous session high after trading up to 34 pips above it intraday.

Daily Candlestick Chart (NZDCAD as at Sep 16, 2020):

Daily technical analysis candlestick chart for New Zealand Dollar/Canadian Dollar (NZDCAD) as at Sep 16, 2020

Wednesday's trading range has been 52 pips (0.59%), that's below the last trading month's daily average range of 65 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NZDCAD.

Buyers managed to take out the key technical resistance level at 0.8861 (now S1), which is likely to act as support going forward. The last time this happened on Monday, NZDCAD gained 0.28% on the following trading day.

The pair shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Further buying might move prices higher should the market test August's close-by high at 0.8915.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for NZD/CAD. Out of 380 times, NZDCAD closed higher 51.58% of the time on the next trading day after the market condition occurred.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.61% and NZDUSD closing 0.27% higher. On the flipside the worst performers have been USDJPY closing -0.47% lower and EURUSD losing -0.25%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPPLN surging 0.81% and ZARJPY closing 0.78% higher. The worst performers of the day have been EURZAR tanking -1.42% and CHFZAR closing -1.28% lower. Read more


Market Conditions for NZDCAD as at Sep 16, 2020

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