NZD/CAD Down 3 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated April 28, 2022 1:43 GMT)

Currently, NZDCAD’s rate is down -3 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 9 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDCAD. Given that we see downtrend on the 20 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 down 39 pips (0.46%) since yesterday (opening today near 0.8381622207), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, NZDCAD ranked 32nd yesterday in terms of percentage price change. 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 100 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 20 day average, which is 176.3 pips away. 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 90 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 down 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pair Name : NZDCADTimeFrame : 4HrsDirection : ShortType : SwingTarget Range : 250 Pips—————————————– (TP/Down +200 pips) possible 250 Pips————————————————————————-Neat and clean chart with clear setup, no junk on chart.————————————————————————-If you like this idea, then smash like button and follow us for regular updates.————————————————————————-Note:- Do you own due diligence before taking any trades.Thanks