NZDCAD Up 10 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated February 19, 2021 0:23 GMT)

At the time of this writing, NZDCAD’s rate is up 10 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. 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 is down 2 pips (0.02%) since the previous day (opening today near 0.9133071041), marking the 4th straight day it has gone down. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 17th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.