NZD/CAD Down 12 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 9, 2022 1:41 GMT)

Currently, NZDCAD’s rate is down -12 pips (-0.15%) from the hour prior. NZDCAD has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend 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)

The back and forth price flow continues for NZDCAD, which started today off at 0.8269054073, up 18 pips 0.22% from the day prior. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 13th for the day in terms of price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20 day averages, located at 0.8426 respectively, and thus may be at a key juncture along those timeframes. 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 157.1 pips away. 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. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone down 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. Here’s a piece we found on forexlive.com; below is a short snippet from it to give you a taste.

Morgan Stanley info comes vai eFX from late last week Forbank trade ideas, checkout eFX Plus.We recommend short NZD/CAD positions as the growth outlook in Canada increasingly contrasts with New Zealand. We expect a cooling housing market in New Zealand to contrast with the housing market in Canada, where prices have not risen as fast or as far as in New ZealandFinally, expectations for energy disruptions in Europe will likely keep oil prices supported, putting upward pressure on CAD crossesMS see the cross moving towards 0.80