NZD/CAD Down 5 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 3rd Day In A Row

Hourly Update

(Last Updated June 8, 2022 1:43 GMT)

Currently, NZDCAD’s rate is down -5 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 29 pips (0.36%) since the day prior (opening today near 0.812851962), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, NZDCAD ranked 35th the day prior in terms of percentage price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20 day averages, located at 0.8204 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Welcome back! Here’s an analysis of this pair!**NZDCAD – Listen to video!We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.Please support this idea with a LIKE and COMMENT if you find it useful and Click “Follow” on our profile if you’d like these trade ideas delivered straight to your email in the future.Thanks for your continued support!Brian & Kenya Horton, BK Forex Academy