NZD/CAD Currency Pair Forecast

NZD/CAD currency pair downgraded to Hold/Accumulate
(Updated on Jun 14, 2024)

NZDCAD Signals & Forecast

The NZD/CAD currency pair holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the currency pair giving a positive forecast for the stock. On further gains, the currency pair will meet resistance from the short-term Moving Average at approximately $0.84. On a fall, the currency pair will find some support from the long-term average at approximately $0.83. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -0.526%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). NZD/CAD gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The currency pair had a Golden Star Signal on Thursday, May 02, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Monday, February 12, 2024.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.

Support, Risk & Stop-loss for NZD/CAD currency pair

NZD/CAD finds support from accumulated volume at $0.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0052 between high and low, or 0.616%. For the last week the currency pair has had daily average volatility of 0.318%.

Our recommended stop-loss: $0.82 (-3.27%) (This currency pair has low daily movements and this gives low risk. There is a sell signal from a pivot top found 59 days ago.)

Trading Expectations (NZDCAD) For The Upcoming Trading Day Of Monday 17th

For the upcoming trading day on Monday, 17th we expect NZD/CAD to open at $0.84, and during the day (based on 14 day Average True Range), to move between $0.84 and $0.85, which gives a possible trading interval of +/-$0.0052 (+/-0.62%) up or down from last closing price. If NZD/CAD takes out the full calculated possible swing range there will be an estimated 1.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $0.84 (0.17%) than the support at $0.82 (2.92%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is NZD/CAD currency pair A Buy?

NZD/CAD holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.363 Hold/Accumulate Downgraded

Predicted Opening Price for NZD/CAD of Monday, June 17, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.