NZDCAD Down 6 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated January 5, 2021 2:21 GMT)

At the moment, NZDCAD’s rate is down -6 pips (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. 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 6 pips (0.06%) since the previous day (opening today near 0.9162), 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 17th for the day in terms of price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 17 out of the past 30 days.