NZDCAD Down 1 Pips Over Past Hour; Moves Up For the 6th Consecutive Day

Hourly Update

(Last Updated September 22, 2020 0:17 GMT)

At the moment, NZDCAD’s rate is down -1 pips (-0.01%) from the hour prior. NZDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 19 pips (0.22%) since the previous day (opening today near 0.89096), marking the 6th consecutive day it has gone up. Relative to other instruments in the Forex asset class, NZDCAD ranked 12th the previous day in terms of percentage price change. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

Notably, the current price of NZDCAD is sitting close to its 20, 50 and 100 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 102.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 10 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram