NZD/CAD Down 7 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Day In A Row

Hourly Update

(Last Updated June 7, 2022 1:44 GMT)

At the moment, NZDCAD’s rate is down -7 pips (-0.09%) 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. 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 34 pips (0.41%) since yesterday (opening today near 0.815775339), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 38th for the day in terms of price change. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20 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 90 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 6 out of the past 10 days.