NZD/CAD Down 0 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2022 1:44 GMT)

Currently, NZDCAD’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 up 19 pips (0.22%) since the previous day (opening today near 0.858203503), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, NZDCAD ranked 7th the previous day in terms of percentage price change. The price chart of NZDCAD below illustrates.

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 20 day average, which is 76.5 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. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 4 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone and double top technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

when you see the fifth wave in wolfe waves formed as a double bottom Be sure that the deal will kill the market🤟👌and below there is an example of my trades wolfe fifth wave double bottom running over 700 pips have a look below