NZD/CAD Down 1 Pips in Last Hour, Came Into Today Down For the 4th Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 13, 2022 1:43 GMT)

Currently, NZDCAD’s rate is down -1 pips (-0.01%) from the hour prior. NZDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 36 pips (0.44%) since yesterday (opening today near 0.8134720078), marking the 4th day in a row it has gone down. Relative to other instruments in the Forex asset class, NZDCAD ranked 21st yesterday in terms of percentage price change. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20 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 208.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 11 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 3 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– NZD/CAD has a nice overall move towards the downside on multiple time frames.- We are seeing bearish pressure on a recent bearish engulfing candle formation on the 4-hour time frame & it made a new low on the 1-hour.- There is not much big news today that might have a huge impact on the overall trade direction as hedge funds are still showing that NZD is being sold off.