NZDCAD Up 2 Pips On Hourly Chart, Moves Up For the 4th Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 1, 2021 0:22 GMT)

At the time of this writing, NZDCAD’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCAD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 and 10 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 up 1 pips (0.01%) since the previous day (opening today near 0.8820896049), marking the 4th consecutive day an increase has occurred. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 24th in terms of percentage change since the previous day. Let’s take a look at price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that the current price of NZDCAD is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 124.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!