NZD/CAD Up 16 Pips in Last Hour, Makes Big Move Relative to Past Month; 2 Day Down Streak Snapped

Hourly Update

(Last Updated June 16, 2022 1:43 GMT)

Currently, NZDCAD’s rate is up 16 pips (0.2%) 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 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. 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)

The back and forth price flow continues for NZDCAD, which started today off at 0.8100076, up 52 pips 0.64% from the day prior. Relative to other instruments in the Forex asset class, NZDCAD ranked 10th the day prior in terms of percentage price change. Let’s take a look at 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 0.8192 and 0.8297 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 18 them.

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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