NZDCAD Up 6 Pips Over Past Hour, 3 Day Down Streak Snapped; Eyes 20 Day Average

Hourly Update

(Last Updated June 7, 2021 3:22 GMT)

Currently, NZDCAD’s rate is up 6 pips (0.07%) 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. Of note is that the 200 hour changed directions on NZDCAD; it is now pointing down. 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, which opened today priced near 0.8707583526, is up 52 pips 0.61% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the Forex asset class, NZDCAD ranked 4th the previous day in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20 and 50 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 23.7 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 5 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 and 30 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello everyone, if you like the idea, do not forget to support with a like and follow.The following confluences have been observed and satisfied with the direction of market. Our trading plan is to bid at better price and hoping the market pick up our bid and move further with trend.The bidding plan should come with expiry date.D1/M55 (T.Cont.PB.AClim)1. (D1)(Y)(MUST) AutoClimate has statistic edge for moving down (Curr:3 / Std:5.38)2. (H4/H1)(Y)(MUST) UFO is not within whitspace3. (M55)(Y)(MUST) UFO area with in-balance price4. (M55)(Y)(MUST) EMA200/100/55 should align with EMA9 Daily5. (M55)(Y)(MUST) EMA9 Daily inside UFO areaD1/M55NZDCAD SELL @ 0.87321SL 0.87615 (29.4)TP 0.86410 (91.1)CANCEL WHEN D1 autoclimate reset countingCANCEL WHEN EMA200 & EMA9-daily has exceeded too wide with UFOTrading plan become invalid if one of below condition appear1. The price goes further down, causing the EMA200 & EMA9-daily has exceeded too wide with UFO.2. Another potential UFO has appeared and align with EMA200 & EMA9-daily3. Autoclimate at D1/W1 has reset countingDisclaimer Notice !!!The plan that shared here are not 100% confirm winning trade. There is no such thing as “always win” strategy. There will be a time we will face losing in rows. We are not pursuing high winning rate here. With good money management, we can be consistent profit in the long run. Any trades you decide to take are your own. The trades shared here are for educational/informational purposes only and are Mulchen’s personal trades.Good luck!~Mulchen, CISSP