AUD/CAD Down 3 Pips Over Past 4 Hours, in an Uptrend Over Past 30 Days; Nears 20 Day Moving Average

AUD/CAD 4 Hour Price Update

Updated June 19, 2020 09:19 AM GMT (05:19 AM EST)

After 4 up four-hour candles, AUD/CAD snaps its streak, falling 3 pips (-0.03%) over the past four-hour candle to close at an exchange rate of 0.9327. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 20th in terms of percentage change since the last 4 hour candle.

AUD/CAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of AUD/CAD continues; to start today, it came in at a price of 0.93238, up 6 pips (0.06%) since yesterday. Compared to its peers in the Forex, AUD/CAD gave its buyers a return that ranked 16th in terms of percentage change since yesterday. Let’s take a look at price chart of AUD/CAD.

AUD/CAD Technical Analysis

The first thing we should note is that AUD/CAD is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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 10.7 pips away. Volatility for AUD/CAD 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 up. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCAD, with 11 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.65, 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.

AUDCAD is trading in the zone and formed a sideways channel. We see a continuous movement until price breakout through the channel. Buy at the down line and sell the upper level.