Hourly Update

(Last Updated December 6, 2022 1:44 GMT)

At the time of this writing, NZDCAD’s rate is up 11 pips (0.13%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as Nzdcad has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

A moment of silence, please, for the end of NZDCAD’s 4 day up streak; price ended the day prior down 49 pips (-0.57%) to finish the day at a rate of 0.8580822. Relative to other instruments in the Forex asset class, NZDCAD ranked 34th the day prior in terms of percentage price change. Here is a price chart of NZDCAD.

NZDCAD Technical Analysis

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 20 day average, which is 315.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days NZDCAD’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCAD; just 2 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.

Looking for a breakdown after retest previous resistance / high.Short on pair.Please use proper risk management. This is not financial advice.These are just trades I have considered taking.

The post NZD/CAD Up 11 Pips in Last Hour, 4 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart appeared first on CFDTrading.