NZD/CAD Up 4 Pips On Hourly Chart, Entered Today Down For the 3rd Day In A Row; Crosses 20 Day Moving Average

Hourly Update

(Last Updated June 2, 2022 1:44 GMT)

At the moment, NZDCAD’s rate is up 4 pips (0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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 33 pips (0.41%) since the previous day (opening today near 0.8205320727), marking the 3rd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 30th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

First things first: NZDCAD crossed below its 20 day moving average yesterday. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 and 30 day timeframes, where price is headed down. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 19 them.

The View From Around the Web

Not much commentary on NZDCAD that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Always wait for a correction Thanks and STAY SAFE