NZDCAD Down 4 Pips in Last Hour, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 15, 2021 23:20 GMT)

At the moment, NZDCAD’s rate is down -4 pips (-0.04%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 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 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)

NZDCAD is up 35 pips (0.4%) since yesterday (opening today near 0.8704191964), marking the 2nd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, NZDCAD ranked 16th yesterday in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8794, 0.8835, 0.8779 and 0.8882 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 100 day average, which is 74.7 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 18 them.