NZD/CAD Up 3 Pips Over Past Hour, Came Into Today Down For the 2nd Straight Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated May 11, 2022 1:46 GMT)

At the time of this writing, NZDCAD’s rate is up 3 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists 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 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 down 32 pips (0.39%) since the day prior (opening today near 0.81953668), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 34th for the day in terms of 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 day moving averages, which may act as price barrier for the asset. 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 187.8 pips away. 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. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone down 10 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 4 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bat pattern Monthly support.look for buy opportunities.