AUDCAD Up 4 Pips in Last Hour, Breaks Above 20 and 200 Day Averages; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated April 9, 2021 3:13 GMT)

At the time of this writing, AUDCAD’s rate is up 4 pips (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD entered today at 0.96188, up 15 pips (0.16%) from yesterday. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 8th in terms of percentage change since yesterday. The price chart of AUDCAD below illustrates.

AUDCAD

AUDCAD Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCAD crossed above its 20 and 200 day moving averages yesterday. 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 3.2 pips away. Volatility for AUDCAD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on the 14 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days AUDCAD’s price has gone up 9 them.