(Last Updated July 22, 2021 3:21 GMT)
At the moment, NZDCAD’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd consecutive hour NZDCAD has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 19 pips (0.22%) since the day prior (opening today near 0.8749856952), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 28th in terms of percentage change since the day prior. Let’s take a look at price chart of NZDCAD.
NZDCAD Technical Analysis
The first thing we should note is that NZDCAD is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 19.8 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 16 out of the past 30 days.