NZDCAD Down 29 Pips Over Past Hour, Came Into Today Down For the 4th Straight Day; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated October 8, 2020 2:19 GMT)

At the moment, NZDCAD’s rate is down -29 pips (-0.33%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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)

NZDCAD is down 47 pips (0.53%) since yesterday (opening today near 0.87128), marking the 4th straight day a decrease has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 34th in terms of percentage change since yesterday. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that the current price of NZDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Price action traders in particular will want to note that the 30 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone down 9 them.