AUDCAD Up 4 Pips Over Past Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated May 14, 2021 0:13 GMT)

At the time of this writing, AUDCAD’s rate is up 4 pips (0.05%) from the hour prior. This is the 2nd straight hour AUDCAD has seen its price head up. 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 doji 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. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

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 0.93721, down 110 pips (1.16%) since the previous day. Out of the 39 instruments in the Forex asset class, AUDCAD ended up ranking 37th for the day in terms of price change. Let’s take a look at 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 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 207.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days AUDCAD’s price has gone down 6 them.