NZD/CAD Down 2 Pips in Last Hour, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated January 7, 2022 1:42 GMT)

At the time of this writing, NZDCAD’s rate is down -2 pips (-0.02%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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)

After 3 up days, NZDCAD snaps its streak, falling 89 pips (-1.02%) over the past day to close at an exchange rate of 0.8579585544. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8685, 0.874, 0.8794 and 0.8784 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 105.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Textbook quality ending diagonal is forming on NZD/CAD. Currently 5th wave is in progress.