NZDCAD Up 12 Pips On Hourly Chart, Came Into Today Down For the 3rd Straight Day; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 25, 2020 6:17 GMT)

Currently, NZDCAD’s rate is up 12 pips (0.14%) from the hour prior. NZDCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDCAD. Given that we see an uptrend 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD is down 48 pips (0.54%) since the previous day (opening today near 0.87665), marking the 3rd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, NZDCAD ended up ranking 32nd for the day in terms of price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed below its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 2 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 4H CHART EXPLANATION: ..🔸Price broke the Ascending Trendline..🔸It has broken the Support Zone..🔸We consider that this pair has bearish potential towards the Support Zone..🔸 Will look for a lower timeframe bearish setup.🔸 DAILY CHART ANALYSIS: https://www.tradingview.com/x/jyz7UMdr/


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram