NZDCAD Down 11 Pips Over Past Hour; Moves Up For the 7th Straight Day

Hourly Update

(Last Updated November 12, 2020 22:19 GMT)

At the moment, NZDCAD’s rate is down -11 pips (-0.12%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on NZDCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD is up 100 pips (1.13%) since yesterday (opening today near 0.89895), marking the 7th straight day an upward move has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 2nd in terms of percentage change since yesterday. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 187.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days.