NZD/CAD Up 4 Pips in Last Hour, in an Uptrend Over Past 14 Days; is Inching Close to 20 Day Average

Hourly Update

(Last Updated July 29, 2022 1:42 GMT)

Currently, NZDCAD’s rate is up 4 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDCAD has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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)

A moment of silence, please, for the end of NZDCAD’s 3 day down streak; price ended yesterday up 25 pips (0.31%) to finish the day at a rate of 0.80524356. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today NZDCAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCAD, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUY ENTRY @0.80472STOP LOSS@0.80674TAKE PROFIT@0.80186Market Update (Looking to Long) Like and SubscribeThank you Please support our analysis with a like or comment