NZDCAD Up 6 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Up Streak Ended

Hourly Update

(Last Updated February 11, 2021 1:27 GMT)

At the moment, NZDCAD’s rate is up 6 pips (0.07%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight up hours. 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 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. Of note is that the 200 hour changed directions on NZDCAD; it is now pointing up. 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)

The choppiness in the recent daily price action of NZDCAD continues; to start today, it came in at a price of 0.9193285288, down 10 pips (0.1%) since the day prior. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.