AUDCAD Down 3 Pips in Last Hour, Came Into Today Up For the 5th Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated September 15, 2020 23:12 GMT)

At the time of this writing, AUDCAD’s rate is down -3 pips (-0.03%) from the hour prior. AUDCAD has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 is up 21 pips (0.22%) since yesterday (opening today near 0.95935), marking the 5th straight day an increase has occurred. Out of the 40 instruments in the Forex asset class, AUDCAD ended up ranking 11th for the day in terms of price change. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

The first thing we should note is that the current price of AUDCAD is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 15 buy signals on our radar and 29 sell signals. This imputes a buy/sell ratio of 0.52, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A little weirder channel trade but it can be called that. you can definitely put a sell order at 0.96500, plus it has a very obvious M formation. But if it breaks through and closes above 0.96600 area, we go for a different strategy, or you long.


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