Hourly Update

(Last Updated November 29, 2022 1:43 GMT)

At the time of this writing, NZDCAD’s rate is down -2 Pips (-0.03%) from the hour prior. Nzdcad has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 is down 34 pips (0.41%) since the previous day (opening today near 0.83182011), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of NZDCAD.

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20 and 200 day averages, located at 0.8128 and 0.818 respectively, and thus may be at a key juncture along those timeframes. 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 138.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. 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 9 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I assume that the NZDCAD will form an abc correction.Once it stays below 0.83171 on a daily basis, the targets listed below are TP levels.

The post NZD/CAD Down 2 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days appeared first on CFDTrading.