NZDCAD Up 12 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Entered Today Up For the 3rd Straight Day

Hourly Update

(Last Updated February 24, 2021 0:24 GMT)

At the moment, NZDCAD’s rate is up 12 pips (0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists 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 an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, with price now being above them. 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)

NZDCAD is up 38 pips (0.41%) since the day prior (opening today near 0.92429101), marking the 3rd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 12th for the day in terms of 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 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 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 7 them.