NZD/CAD Up 7 Pips Over Past Hour, Fares the Worst Out of Forex; Came Into Today Down For the 3rd Day In A Row

Hourly Update

(Last Updated April 29, 2022 1:44 GMT)

At the moment, NZDCAD’s rate is up 7 pips (0.08%) from the hour prior. The hourly chart shows that NZDCAD has seen 2 straight up hours. 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 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)

NZDCAD is down 73 pips (0.87%) since the day prior (opening today near 0.8308413267), marking the 3rd day in a row a decrease has occurred. On a relative basis, NZDCAD was the worst performer out of all 39 of the assets in the Forex asset class. The price chart of NZDCAD below illustrates.

NZDCAD

NZDCAD Technical Analysis

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 231.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The fifth sub-wave of the third wave is about to end, wait for the small-level pattern to deviate, and start to go long. You can also wait for the end of the 4th wave B to do the 4th wave C