NZD/CAD Up 12 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Entered Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated January 5, 2022 1:44 GMT)

At the time of this writing, NZDCAD’s rate is up 12 pips (0.14%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 is up 2 pips (0.02%) since the day prior (opening today near 0.8656022664), marking the 2nd consecutive day an upward move has occurred. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 21st for the day in terms of price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 28.7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.