NZD/CAD Up 7 Pips Over Past Hour, 2 Day Down Streak Broken; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated December 29, 2021 1:47 GMT)

Currently, NZDCAD’s rate is up 7 pips (0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 entered today at 0.8720506401, up 4 pips (0.05%) from yesterday. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 10th for the day in terms of price change. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50, 100 and 200 day averages, located at 0.8683, 0.8769, 0.8802 and 0.8789 respectively, and thus may be at a key juncture along those timeframes. 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 37.7 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone up 15 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.