NZDCAD Down 4 Pips Over Past Hour, 2 Day Down Streak Snapped; Crosses 20 Day Moving Average

Hourly Update

(Last Updated June 1, 2021 2:22 GMT)

Currently, NZDCAD’s rate is down -4 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning 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 entered today at 0.87759308, up 27 pips (0.31%) from the previous day. Relative to other instruments in the Forex asset class, NZDCAD ranked 7th the previous day in terms of percentage price change. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed above 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 22 pips away. Volatility for NZDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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 up 7 out of the past 14 days.

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUYING NZD/CADEntry: 0.8778Target 1: 0.8833 (55+ pips)Target 2: 0.8900 (122+ pips)SL: 0.8727 (51- pips)R.R 2.44