NZD/CAD Down 14 Pips Over Past Hour, Makes Big Move Relative to Past Month; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 13, 2022 1:41 GMT)

At the time of this writing, NZDCAD’s rate is down -14 pips (-0.17%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 10 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 up 20 pips (0.24%) since the previous day (opening today near 0.8123654835), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 9th in terms of percentage change since the previous day. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today the current price of NZDCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone down 7 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.