NZD/CAD Down 9 Pips Over Past Hour; Makes Big Move Relative to Two Week Trend

Hourly Update

(Last Updated September 8, 2022 1:41 GMT)

At the moment, NZDCAD’s rate is down -9 pips (-0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend 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 an uptrend on the 20 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)

The choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.79695, up 30 pips (0.37%) since the day prior. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 18th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, the current price of NZDCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 76.9 pips away. Volatility for NZDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCAD | Complex StructureAs we can see from the chart NZDCAD is creating a very large complex structure.Price is actually testing as a strong structure support area and it is showing both movements.The reason is simple as none of them is actually confirmed.Once the price will break down to 0.7905 it will keep moving lowerThe bearish support areas or targets are located near 0.7800 and 0.7700If the price will bounce up the first resistance area will be 0.8020 and after that 0.8200Thank you and Good Luck!