NZD/CAD Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated December 20, 2021 1:41 GMT)

Currently, NZDCAD’s rate is up 2 pips (0.03%) from the hour prior. NZDCAD has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 down 1 pips (0.01%) since the previous day (opening today near 0.868304982), marking the 2nd consecutive day it has gone down. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 19th for the day in terms of price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8687, 0.8768, 0.8807 and 0.8796 respectively, and thus may be at a key juncture along those timeframes. 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 3.7 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 8 out of the past 14 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible break & retest of the ascending trend line. Something to keep an eye on next week.