AUD/CAD Down 1 Pips Over Past Hour, 2 Day Down Streak Snapped; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated July 13, 2022 1:34 GMT)

Currently, AUDCAD’s rate is down -1 pips (-0.02%) from the hour prior. The hourly chart shows that AUDCAD has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCAD. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 0.8799, up 42 pips (0.48%) since yesterday. Compared to its peers in the Forex, AUDCAD gave its buyers a return that ranked 4th in terms of percentage change since yesterday. Here is a price chart of AUDCAD.

AUDCAD

AUDCAD Technical Analysis

Notably, the current price of AUDCAD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 109.4 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 20 out of the past 30 days.