NZD/CAD Up 12 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Doji and Pin Bar Patterns Appearing on Chart
This is a reversal of the price action on the previous hour, in which price moved down.
NZDCAD
(Last Updated February 24, 2021)
Hello! This is the news page for NZDCAD. Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
Forex Calendar for NZDCAD
| metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
|---|---|---|---|---|---|---|---|
| New Zealand Interest Rate Decision | 2021 | New Zealand Dollar | NZD | 2021-02-24 | 01:00 GMT | 0.25% | 0.25% |
| New Zealand RBNZ Press Conference | NA | New Zealand Dollar | NZD | 2021-02-24 | 02:00 GMT | ||
| New Zealand Balance of Trade | Jan 2021 | New Zealand Dollar | NZD | 2021-02-25 | 21:45 GMT |
The Trend
If we observe the 90 and 30 day timeframes, we see an uptrend in place for NZDCAD.
NZDCAD Moving Averages
Across several time periods between 20 and 200 days, the trend on NZDCAD has remained consistently bullish.
The chart below illustrates.
In terms of correlations over the past week for NZDCAD, it has demonstrated the strongest correlation with NZDUSD. NZDCAD has been most correlated with NZDUSD over the past 14 days also, so this may be a recurring pattern. Alternatively, USDNOK has been the asset least correlated with NZDCAD — but over the past two weeks, CADJPY has been the asset least correlated with NZDCAD. See the chart below to observe the recent price action in NZDCAD versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the moment, NZDCAD’s rate is up 35 pips (0.38%) from the week prior. NZDCAD has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. As for the trend on the weekly timeframe, we see the clearest trend on the 20 week timeframe. Looking further out, the moving averages on the weekly 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’s weekly price action over the past 52 weeks can be seen via the chart below.
NZDCAD: The Monthly View
Strongest trend on the 120 month timeframe.
NZDCAD Down 4 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; 3 Day Up Streak Broken
Compared to its peers in the forex, nzdcad gave its buyers a return that ranked 25th in terms of percentage change since yesterday.
NZDCAD Up 12 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Entered Today Up For the 3rd Straight Day
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
NZDCAD Down 6 Pips On Hourly Chart, Makes Big Move Relative to Past Two Months; Moves Up For the 2nd Consecutive Day
Bulls may note that this suggests a buy/sell ratio that is infinite.
NZDCAD Up 5 Pips On Hourly Chart, Makes Big Move Relative to Past Month; in an Uptrend Over Past 90 Days
Relative to other instruments in the forex asset class, nzdcad ranked 12th the day prior in terms of percentage price change.
NZDCAD Up 10 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Social Sentiment Biased Towards Selling
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
NZDCAD Up 4 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Breaks Below 50 Day Average
Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed down.
NZDCAD Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in an Uptrend Over Past 90 Days
Of note is that the 20 hour changed directions on nzdcad; it is now pointing down.
NZDCAD Down 8 Pips in Last Hour, Makes Big Move Relative to Past Month; Crosses 20 Day Moving Average
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
NZDCAD Up 12 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; is Inching Close to 20 Day Average
This move is a reversal from the hour prior, which saw price move down.