NZD/CAD Down 7 Pips Over Past Hour, Moves Down For the 6th Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated May 4, 2022 1:43 GMT)

At the moment, NZDCAD’s rate is down -7 pips (-0.08%) 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. Regarding the trend, note that the strongest trend exists 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 32 pips (0.39%) since yesterday (opening today near 0.8252908108), marking the 6th day in a row a decline has happened. Relative to other instruments in the Forex asset class, NZDCAD ranked 31st yesterday in terms of percentage price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

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 228.7 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 10 days.