NZDCAD Up 3 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 10, 2021 7:22 GMT)

Currently, NZDCAD’s rate is up 3 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 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 is down 24 pips (0.27%) since yesterday (opening today near 0.8688331358), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, NZDCAD ranked 35th yesterday in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20 and 50 day averages, located at 0.8725 and 0.8816 respectively, and thus may be at a key juncture along those timeframes. 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 36.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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. For additional context, note that price has gone down 7 out of the past 10 days.