NZDCAD Up 10 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated May 3, 2021 2:21 GMT)

Currently, NZDCAD’s rate is up 10 pips (0.12%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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 98 pips (1.1%) since yesterday (opening today near 0.8798667525), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, NZDCAD ranked 38th yesterday in terms of percentage price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50 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 117.5 pips away. It should be noted, though, the 20 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.