NZDCAD Down 5 Pips in Last Hour, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 15, 2020 2:19 GMT)

Currently, NZDCAD’s rate is down -5 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 200 hour moving averages, resulting in them so that price is now turning below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 up 11 pips (0.13%) since the previous day (opening today near 0.87425), marking the 2nd day in a row it has gone up. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that the current price of NZDCAD is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 19.5 pips away. For additional context, note that price has gone up 7 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!