NZD/CAD Down 1 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Breaks Below 20 Day Average

Hourly Update

(Last Updated June 6, 2022 1:45 GMT)

Currently, NZDCAD’s rate is down -1 pips (-0.01%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)

The back and forth price flow continues for NZDCAD, which started today off at 0.819162057, down 56 pips 0.68% from the previous day. Relative to other instruments in the Forex asset class, NZDCAD ranked 35th the previous day in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

First things first: NZDCAD crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– price at support level .- take 1st profit .- It may not reach second TP.- after hitting 1st TP ,it may brea the support .