NZDCAD Down 6 Pips in Last Hour, Moves Down For the 2nd Straight Day; Breaks Below 20 Day Average

Hourly Update

(Last Updated June 3, 2021 4:23 GMT)

Currently, NZDCAD’s rate is down -6 pips (-0.07%) from the hour prior. NZDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists 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 45 pips (0.51%) since the previous day (opening today near 0.8710290446), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 37th for the day in terms of price change. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

First things first: NZDCAD crossed below its 20 day moving average yesterday. 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 33.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 2 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCAD after a drastic decline through the base began to increase to form a secondary. the hope for a decline in NZDCAD is still very strong, in this trade we will sell on the grounds that NZDCAD retested its base for a deeper decline, U can wait for confirmation first to get sniper entries like false break, candlestick with shadow, etc.Sell Limit: 1.07288SL: 1.0792 (63.5)TP: 1.0602R:R 1:2