NZD/CAD Down 7 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Straight Day

Hourly Update

(Last Updated June 23, 2022 1:42 GMT)

Currently, NZDCAD’s rate is down -7 pips (-0.09%) from the hour prior. The hourly chart shows that NZDCAD has seen 3 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 58 pips (0.71%) since yesterday (opening today near 0.811871565), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 34th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today the current price of NZDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 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 9 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCAD – We took out the previous weekly high, and we also look bearish on the HTF Monthly chart. I will wait to see how price will react below the previous weekly open. If price reject this area, break structure to the down from that level , hoppefully we can have an orderblock that price might mitigate before the down move to take out the previous weekly low.