NZD/CAD Up 6 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Sentiment Strongly Favors Sellers

Hourly Update

(Last Updated July 12, 2022 1:42 GMT)

At the moment, NZDCAD’s rate is up 6 pips (0.08%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight up hours. 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 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. 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)

The back and forth price flow continues for NZDCAD, which started today off at 0.7946055, down 71 pips 0.89% from yesterday. Relative to other instruments in the Forex asset class, NZDCAD ranked 31st yesterday in terms of percentage price change. Below is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Coming into today the current price of NZDCAD is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 1 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Pending order set as marked on my POI will expecting a price to shoot up