NZD/CAD Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 10, 2022 1:51 GMT)

At the moment, NZDCAD’s rate is up 2 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDCAD has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 39 pips (0.49%) since the day prior (opening today near 0.79546406), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 26th in terms of percentage change since the day prior. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed below its 100 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 100 day average, which is 4.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After confirmation of price rejection at our trend line. (also visible on D1 chart), we can short NZDCAD