NZDCAD Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated February 16, 2021 23:22 GMT)

At the moment, NZDCAD’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Of note is that the 20 hour changed directions on NZDCAD; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 15 pips (0.16%) since yesterday (opening today near 0.9141295079), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 27th in terms of percentage change since yesterday. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, 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; below is a short snippet from it to give you a taste.

Slow moving over recent weeks. Can we see volume with other markets closed for 24 hours?We finally have a bearish close under 0.91500