(Last Updated April 30, 2021 4:22 GMT)
At the moment, NZDCAD’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
NZDCAD End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for NZDCAD, which started today off at 0.889642142, down 46 pips 0.51% from the previous day. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 38th in terms of percentage change since the previous day. Below is a price chart of NZDCAD.
NZDCAD Technical Analysis
First things first: NZDCAD crossed below its 20 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 20 day average, which is 20.4 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone up 16 out of the past 30 days.
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 3 sell signals. This imputes a buy/sell ratio of 1.33, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
This is my view from the Daily perspective. Share your comments, suggestions and contributions