NZDCAD Down 6 Pips On Hourly Chart, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 15, 2021 3:22 GMT)

At the moment, NZDCAD’s rate is down -6 pips (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for NZDCAD, which started today off at 0.91156, up 6 pips 0.06% from the previous day. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 15th in terms of percentage change since the previous day. 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 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. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 6 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!