NZD/CAD Down 7 Pips Over Past Hour, Entered Today Down For the 3rd Day In A Row; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 12, 2022 1:42 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 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDCAD. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 25 pips (0.3%) since the day prior (opening today near 0.817068945), marking the 3rd day in a row a decrease has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 23rd in terms of percentage change since the day prior. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20 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 20 day average, which is 193.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone down 11 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.Here is a detailed update top-down analysis for NZDCAD.Which scenario do you think is more likely to happen? and Why?Always follow your trading plan regarding entry, risk management, and trade management.Good Luck!.All Strategies Are Good; If Managed Properly!~Rich