(Last Updated January 13, 2021 2:22 GMT)
Currently, NZDCAD’s rate is up 0 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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)
After 3 down days, NZDCAD snaps its streak, rising 17 pips (0.18%) over the past day to close at an exchange rate of 0.91705. Out of the 40 instruments in the Forex asset class, NZDCAD ended up ranking 16th for the day in terms of price change. The price chart of NZDCAD below illustrates.
NZDCAD Technical Analysis
The first thing we should note is that NZDCAD is now close to its 20 and 50 day averages, located at 0.9133 and 0.9052 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 up. For additional context, note that price has gone up 5 out of the past 10 days.