NZD/CAD Down 0 Pips in Last Hour, Tops All Forex; Crosses 50 Day Moving Average

Hourly Update

(Last Updated August 2, 2022 1:41 GMT)

Currently, NZDCAD’s rate is down 0 pips (0%) 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 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on NZDCAD. 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. 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 0.81321695, up 88 pips (1.09%) from the day prior. NZDCAD outperformed all 39 assets in the Forex asset class the day prior. Congrats to its holders! Let’s take a look at price chart of NZDCAD.

NZDCAD Technical Analysis

First things first: NZDCAD crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days.