(Last Updated February 19, 2021 23:22 GMT)
At the moment, NZDCAD’s rate is up 5 pips (0.05%) 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. 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 20, 50, 100 and 200 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)
After 4 down days, NZDCAD snaps its streak, rising 21 pips (0.23%) over the past day to close at an exchange rate of 0.9153746609. Relative to other instruments in the Forex asset class, NZDCAD ranked 12th the day prior in terms of percentage price change. Here is a price chart of NZDCAD.
NZDCAD Technical Analysis
First things first: NZDCAD crossed above its 50 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 10 days NZDCAD’s price has gone down 6 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 14 and 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 3 sell signals and 0 buy 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.
I have been shorting NZDCAD, but then decided to share this one new point for entry. Do not risk more than you cannot afford to lose