(Last Updated January 12, 2021 2:22 GMT)
At the time of this writing, NZDCAD’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 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 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 down 22 pips (0.24%) since the day prior (opening today near 0.9154), marking the 3rd day in a row it has gone down. Relative to other instruments in the Forex asset class, NZDCAD ranked 28th the day prior in terms of percentage price change. Below is a price chart of NZDCAD.
NZDCAD Technical Analysis
Coming into today NZDCAD is now close to its 20 and 50 day averages, located at 0.9127 and 0.9045 respectively, and thus may be at a key juncture along those timeframes. 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 14 days NZDCAD’s price has gone up 7 them.