NZDCAD Up 3 Pips in Last Hour, Moves Down For the 4th Consecutive Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated October 8, 2021 10:21 GMT)

Currently, NZDCAD’s rate is up 3 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 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 5 pips (0.06%) since the day prior (opening today near 0.8701166), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, NZDCAD ranked 29th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8877, 0.8847, 0.8782 and 0.8896 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 100 day average, which is 81 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 17 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 6 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. 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 is now back at the bottom of the range and i dont think this is ready to come down yet so looking for a small push down and then reverse.