NZDCAD Down 7 Pips in Last Hour, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated May 12, 2021 0:23 GMT)

At the moment, NZDCAD’s rate is down -7 pips (-0.08%) from the hour prior. This is the 2nd hour in a row NZDCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 20 hour changed directions on NZDCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 0.8791179161, down 34 pips 0.38% from the previous day. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, the current price of NZDCAD is sitting close to its 20, 50 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 116.2 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. For additional context, note that price has gone up 16 out of the past 30 days.