NZDCAD Up 3 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated March 5, 2021 0:23 GMT)

At the time of this writing, NZDCAD’s rate is up 3 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. 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 and 10 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)

NZDCAD entered today at 0.9164970724, down 46 pips (0.5%) from the previous day. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 33rd for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed below its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days. We’re also seeing a bearish engulfing pattern form over the past two candles, which suggests the uptrend on the 90 day