AUDCAD Down 5 Pips Over Past Hour, Breaks Above 20 and 200 Day Averages; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated April 7, 2021 3:13 GMT)

At the moment, AUDCAD’s rate is down -5 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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)

AUDCAD is up 50 pips (0.52%) since the previous day (opening today near 0.96373), marking the 4th straight day it has gone up. Relative to other instruments in the Forex asset class, AUDCAD ranked 5th the previous day in terms of percentage price change. Let’s take a look at price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, 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 6.8 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 a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 7 out of the past 10 days.