NZD/CAD Down 7 Pips in Last Hour, 2 Day Down Streak Snapped; Breaks Above 50 Day Average

Hourly Update

(Last Updated August 5, 2022 1:44 GMT)

Currently, NZDCAD’s rate is down -7 pips (-0.09%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 entered today at 0.81068928, up 57 pips (0.71%) from the previous day. Relative to other instruments in the Forex asset class, NZDCAD ranked 6th the previous day in terms of percentage price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 18 them. Also, candlestick traders! Note we see morning star pattern appearing here as well.