NZDCAD Up 4 Pips Over Past Hour, Makes Big Move Relative to Past Month; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 14, 2021 0:21 GMT)

At the time of this writing, NZDCAD’s rate is up 4 pips (0.05%) from the hour prior. This is the 2nd hour in a row NZDCAD has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend 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 downtrend on the 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 entered today at 0.8702748888, down 15 pips (0.17%) from the day prior. Relative to other instruments in the Forex asset class, NZDCAD ranked 35th the day prior in terms of percentage price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20, 50 and 100 day averages, located at 0.8685, 0.8716 and 0.8838 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.