AUDCAD Down 0 Pips Over Past Hour, Entered Today Down For the 2nd Day In A Row; Breaks Below 20 and 50 Day Averages

Hourly Update

(Last Updated September 24, 2020 0:13 GMT)

At the time of this writing, AUDCAD’s rate is down 0 pips (0%) from the hour prior. AUDCAD has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on AUDCAD. Given that we see downtrend on the 20 and 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCAD is down 75 pips (0.78%) since yesterday (opening today near 0.95355), marking the 2nd day in a row a decrease has occurred. Those trading within the Forex asset class should know that AUDCAD was the worst performer in the class. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone up 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 4 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone and trendline technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram