NZDCAD Down 4 Pips in Last Hour; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated October 13, 2020 2:19 GMT)

Currently, NZDCAD’s rate is down -4 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.8714, down 34 pips (0.38%) since the previous day. Out of the 40 instruments in the Forex asset class, NZDCAD ended up ranking 31st for the day in terms of price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 51.3 pips away. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone down 9 them.