NZD/CAD Up 11 Pips Over Past Hour, Makes Big Move Relative to Past Month; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 15, 2022 1:45 GMT)

At the time of this writing, NZDCAD’s rate is up 11 pips (0.14%) 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 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see an uptrend on the 20 and 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 entered today at 0.80394093, up 87 pips (1.09%) from the day prior. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 4th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20 and 50 day averages, located at 0.806 and 0.8135 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone down 9 them.