NZDCAD Up 6 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated April 9, 2021 3:21 GMT)

At the moment, NZDCAD’s rate is up 6 pips (0.07%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 50 hour changed directions on NZDCAD; it is now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD entered today at 0.887164491, up 28 pips (0.32%) from the day prior. Relative to other instruments in the Forex asset class, NZDCAD ranked 6th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

First things first: NZDCAD crossed above its 20 day moving average yesterday. 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 6.3 pips away. Volatility for NZDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 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 up 8 them. We’re also seeing a bullish engulfing pattern here, and given the downtrend on the 30 and 90 day