(Last Updated November 16, 2021 1:49 GMT)
Currently, NZDCAD’s rate is up 3 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.881027817, down 25 pips (0.28%) since the previous day. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 30th in terms of percentage change since the previous day. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
Notably, 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 3.4 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 up. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone up 16 them.