NZDCAD Down 5 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated October 6, 2020 15:17 GMT)

Currently, NZDCAD’s rate is down -5 pips (-0.06%) 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. Of note is that the 50 hour changed directions on NZDCAD; it is now pointing down. 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 21 pips (0.24%) since the day prior (opening today near 0.88045), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, NZDCAD gave its buyers a return that ranked 31st in terms of percentage change since the day prior. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCAD crossed below its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 14 days NZDCAD’s price has gone up 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 20 sell signals. This imputes a buy/sell ratio of 0.05, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

🔸 4H CHART EXPLANATION: ….🔸Also, the first structure after the breakout has been broken, and now it is consolidating again….🔸 If the current structure is broken to the downside with a nice movement, then we consider that it has potential to reach the Support Zone.