NZD/CAD Up 4 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Nears 100 Day Moving Average

Hourly Update

(Last Updated November 17, 2021 1:49 GMT)

Currently, NZDCAD’s rate is up 4 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 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 30 pips (0.34%) since yesterday (opening today near 0.8780255757), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, NZDCAD ranked 33rd yesterday in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today 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 100 day average, which is 34.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for NZDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 7 them.