NZDCAD Up 6 Pips On Hourly Chart, 2 Day Up Streak Broken; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated April 8, 2021 3:21 GMT)

At the time of this writing, NZDCAD’s rate is up 6 pips (0.06%) 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 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.884329698, down 34 pips (0.39%) since yesterday. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50 and 200 day averages, located at 0.8875, 0.9055 and 0.8947 respectively, and thus may be at a key juncture along those timeframes. 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 31.4 pips away. 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 down. For additional context, note that price has gone down 19 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello Traders, here is the full analysis for this pair.Watch strong action at the current levels for SELL GOOD LUCK! Great SELL opportunity NZDCAD .I still did my best and this is the most likely count for me at the moment.Support the idea with like and follow my profile TO SEE MORE.Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝Patience is the If You Have Any Question, Feel Free To Ask 🤗