(Last Updated November 13, 2020 1:32 GMT)
At the moment, NZDCAD’s rate is up 0.0001 (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 pin bar 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
NZDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
A moment of silence, please, for the end of NZDCAD’s 7 day up streak; price ended the day prior down 6 pips (-0.07%) to finish the day at a rate of 0.89835. Relative to other instruments in the Forex asset class, NZDCAD ranked 19th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
Coming into today NZDCAD is now close to its 20, 50 and 100 day averages, located at 0.8809, 0.8794 and 0.8804 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 20 day average, which is 174.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 10 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDCAD, with 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.