NZDCAD Down 5 Pips in Last Hour, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2020 15:17 GMT)

At the moment, NZDCAD’s rate is down -5 pips (-0.06%) from the hour prior. This is the 2nd straight hour NZDCAD has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 down 36 pips (0.41%) since the previous day (opening today near 0.87719), marking the 2nd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, NZDCAD ended up ranking 35th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 50 day average, which is 41.3 pips away. It should be noted, though, the 50 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 up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 3 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

the price is stuck on 0.876 horizontal structure support and currently can’t go lower….however, with the sequence of lower highs, the price formed a descending triangle formation within the channel….bearish violation of its horizontal support is a perfect signal to sell.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram