NZDCAD Down 5 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Breaks Below 20 Day Average

Hourly Update

(Last Updated January 14, 2021 2:22 GMT)

At the time of this writing, NZDCAD’s rate is down -5 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji 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 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 entered today at 0.91097, down 61 pips (0.66%) from the previous day. Relative to other instruments in the Forex asset class, NZDCAD ranked 39th the previous day in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days.