AUDCAD Up 1 Pips in Last Hour, in an Uptrend Over Past 14 Days; Eyes 20 Day Average

Hourly Update

(Last Updated September 23, 2020 0:12 GMT)

Currently, AUDCAD’s rate is up 1 pips (0.01%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of AUDCAD continues; to start today, it came in at a price of 0.96105, down 14 pips (0.14%) since the previous day. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 23rd in terms of percentage change since the previous day. Below is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, AUDCAD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone up 17 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCAD, with 2 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.18, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets….Take Profits: TP1= @ 0.9505TP2= @ 0.9405TP3= @ 0.9270TP4= @ 0.9065TP5= @ 0.8915SL: Break Above R2——————————————————————————— Short-Term Forecast Trading suggestion: ….if so, traders can set orders based on Price Action and expect to reach short-term targets.


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