NZD/CAD Down 15 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; 2 Day Down Streak Broken

Hourly Update

(Last Updated September 22, 2022 1:41 GMT)

At the time of this writing, NZDCAD’s rate is down -15 pips (-0.19%) from the hour prior. NZDCAD has seen its price go down 4 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 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)

NZDCAD entered today at 0.78791328, up 10 pips (0.13%) from the day prior. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 12th in terms of percentage change since the day prior. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20 and 50 day averages, located at 0.7958 and 0.803 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. 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 up 5 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Another day-another trade 😀 As I said in the stream, the trade is trending strongly towards the downside, a weekly new low is being formed, and a 4-hour bearish engulfing candlestick closure confirms our entry. MA’s of 20&50 are also moving down as strong resistance. Of course, we have to be aware of upcoming high-impact news such as the FOMC & Monetary Policy statement, which will definitely shake the markets.