Hourly Update

(Last Updated October 21, 2022 1:42 GMT)

At the moment, NZDCAD’s rate is down -8 pips (-0.1%) 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 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)

The back and forth price flow continues for NZDCAD, which started today off at 0.7817384, up 15 pips 0.19% from the day prior. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 13th for the day in terms of price change. The price chart of NZDCAD below illustrates.

NZDCAD Technical Analysis

Notably, NZDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and Pin Bar Patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCAD, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triple top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCAD has been trading under the falling resistance . The price has approached to the upper horizontal resistance zone . The same zone is also a breakout zone too.The bulls need to break above the range and must sustain above it.The bulls will get in complete control once price get sustain above breakout zone.Manage your trades accordingly.

The post NZD/CAD Down 8 Pips in Last Hour, in a Downtrend Over Past 90 Days; Doji and Pin Bar Patterns Appearing on Chart appeared first on CFDTrading.