Just been wondering if any of you have been watching this pair lately.
I have. And been making some pips on it.
This has turned around. Kind of similar to the AUD/NZD. But, CAD has turned the long term trend the other way, and that is up.
In the big picture, the commodity currencies have been dominating, the majors. Or else I guess you can say that the majors haven’t been the stronger. This has been going on since the beginning of the year, since the Great Britian took a dive back in Jan. (from being the greatest currency going).
Well, I think it’s all very interesting. AUD, NZD, CAD have all been taking turns this year so far.
Any thoughts out there concerning this?
Bit of a fundamental thing.
I just love to put things into perspective. And this is what I see so far this year.
Should also mention, it’s not just the obvious relationship of the commodity currencies and commodity prices, there is also an inverse relationship - have a look at monthly USDX and CRB, look too at the USDX since start of this year.
One of the reasons is the pricing of commodities in USD’s.
NZD/CAD during the recent day was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 0.94249 .Right now price has been stopped by reaching to the round level of 0.94444(Resistance Level) and R1 weekly pivot point and by making a top price had a little descend.
As it is obvious in the picture below, between the top price of 0.94908 and the bottom price of 0.86146, there is a Bat harmonic pattern that with completion of the D point there will be a warning for decreasing of the price.RSI indicator is in saturation buy area in daily time frame that warns the potential of formation of a top price and a little price reformation in this range.One of the important warnings for decreasing of is breaking of supportive level of 0.92211 .
