(Last Updated September 30, 2021 21:37 GMT)
Currently, NZDCAD’s rate is down 0 pips (0%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)
NZDCAD is down 61 pips (0.7%) since the day prior (opening today near 0.87604577), marking the 4th day in a row it has gone down. Relative to other instruments in the Forex asset class, NZDCAD ranked 33rd the day prior in terms of percentage price change. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
First things first: NZDCAD crossed below its 100 day moving average yesterday. 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 100 day average, which is 20.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone down 7 them.