NZDCAD Down 2 Pips in Last Hour, 5 Day Down Streak Snapped; is Inching Close to 50 and 100 Day Averages

Hourly Update

(Last Updated October 12, 2020 2:19 GMT)

At the time of this writing, NZDCAD’s rate is down -2 pips (-0.02%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see an uptrend 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 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, which opened today priced near 0.87475, is up 79 pips 0.91% since the previous day, marking a reversal from the day prior — and the end of a 5 day negative run. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 4th in terms of percentage change since the previous day. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8801, 0.8768, 0.8778 and 0.8636 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 50 day average, which is 20.6 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 6 out of the past 10 days.