NZD/CAD Down 1 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated July 19, 2022 1:41 GMT)

At the time of this writing, NZDCAD’s rate is down -1 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 41 pips (0.51%) since yesterday (opening today near 0.79840656), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20 and 50 day averages, located at 0.8038 and 0.8125 respectively, and thus may be at a key juncture along those timeframes. Volatility for NZDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 days.