NZDCAD Down 12 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Breaks Below 200 Day Average

Hourly Update

(Last Updated April 28, 2021 2:21 GMT)

At the moment, NZDCAD’s rate is down -12 pips (-0.13%) from the hour prior. This is the 2nd straight hour NZDCAD has seen its price head down. 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 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 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 24 pips (0.27%) since yesterday (opening today near 0.8938006726), marking the 2nd consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDCAD ranked 32nd yesterday in terms of percentage price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

First things first: NZDCAD crossed below its 200 day moving average yesterday. 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 200 day average, which is 13.2 pips away. 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. For additional context, note that price has gone up 5 out of the past 10 days.