NZD/CAD Up 2 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Sentiment Suggests Sellers in Charge

Hourly Update

(Last Updated January 12, 2022 1:42 GMT)

At the time of this writing, NZDCAD’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd straight hour NZDCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see downtrend 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 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 0.8534098111, down 39 pips 0.45% from the day prior. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today the current price of NZDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 136.6 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 down. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 2 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if price reach to the resistance area then look for sell setup , volume , candlestick pattern.Please follow and like the idea for Support and More ideas like this and share your ideas and charts in Comments Section..!!Thanks for Your Love 🙂